Transferring stock and shares ISA from one broker to another
Discussion
I'm looking to move my stocks and shares isa away from my current broker to a different one, I thought I would have to sell up first but looks like you can transfer what you hold. Wondering how much a faff it will be to do, it quotes a couple of weeks to 6 for it to happen, anyone done it was it a faff and how long it take ?
Thanks
Thanks
It really does depend.
I would check the receiving platform offers the same funds and the same unit class of funds assuming you hold funds.
If it's ETFs or stocks same goes but the "unit class" doesn't matter.
If both are reputable platforms and they use electronic transfers it could be as soon as a week. I've had that and I've had ones where it's taken around six weeks with one fund being the straggler.
I would check the receiving platform offers the same funds and the same unit class of funds assuming you hold funds.
If it's ETFs or stocks same goes but the "unit class" doesn't matter.
If both are reputable platforms and they use electronic transfers it could be as soon as a week. I've had that and I've had ones where it's taken around six weeks with one fund being the straggler.
Ideally you want to do an 'in specie' transfer, which means your current holdings would be moved to the new broker without being converted to cash first.
To be honest, it's not really possible to say how hassle-free or otherwise your transfer would be. In my experience, it can go really smoothly, or silly administrative mistakes can mean that the process drags on for months.
It's certainly worth doing if your current broker isn't delivering decent service and / or their fees don't represent good value.
To be honest, it's not really possible to say how hassle-free or otherwise your transfer would be. In my experience, it can go really smoothly, or silly administrative mistakes can mean that the process drags on for months.
It's certainly worth doing if your current broker isn't delivering decent service and / or their fees don't represent good value.
It can literally be done in a day if you push both brokers.
Moving cash is probably easier and faster, but carries the risk of being out of the market.
In the current shares sell off / rotation to bonds you may get lucky, and not have to buy back at a higher price, or even buy back at a lower price.
But - this rotation is going to end at some point (it's been going on for 18 weeks
) and the rotation back to shares may be sudden and large.
So I'd probably opt for in specie where you keep the same number of shares, but their value moves with the share price.
Moving cash is probably easier and faster, but carries the risk of being out of the market.
In the current shares sell off / rotation to bonds you may get lucky, and not have to buy back at a higher price, or even buy back at a lower price.
But - this rotation is going to end at some point (it's been going on for 18 weeks
) and the rotation back to shares may be sudden and large.So I'd probably opt for in specie where you keep the same number of shares, but their value moves with the share price.
OIC said:
Moving cash is probably easier and faster, but carries the risk of being out of the market.
In the current shares sell off / rotation to bonds you may get lucky, and not have to buy back at a higher price, or even buy back at a lower price.
But - this rotation is going to end at some point (it's been going on for 18 weeks) and the rotation back to shares may be sudden and large.
So I'd probably opt for in specie where you keep the same number of shares, but their value moves with the share price.
This is very bad advice.In the current shares sell off / rotation to bonds you may get lucky, and not have to buy back at a higher price, or even buy back at a lower price.
But - this rotation is going to end at some point (it's been going on for 18 weeks
) and the rotation back to shares may be sudden and large.So I'd probably opt for in specie where you keep the same number of shares, but their value moves with the share price.
If they sell/buy they would end-up paying the spread and fee (within the price) twice.
DEFINITELY only transfer to a provider who can provide the same instruments.
Edited by sto66 on Wednesday 14th October 00:56
sto66 said:
This is very bad advice.
If they sell/buy they would end-up paying the spread and fee (within the price) twice.
DEFINITELY only transfer to a provider who can provide the same instruments.
Agreed.If they sell/buy they would end-up paying the spread and fee (within the price) twice.
DEFINITELY only transfer to a provider who can provide the same instruments.
Edited by sto66 on Wednesday 14th October 00:56
Unless you had any sort of plan to imminently sell why on earth would you do so just because you're changing platform?
A platform change is an administrative change - not a change of strategy IMO.
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