Investing in a platform- how to? Please critique

[whataboutbob]

On nannynick’s advice I have been listening to the Meaningful Money podcasts. I have £5000 to invest in a stocks and shares ISA. So far I have gleaners:
Be wary of charges
Go for passive not actively managed
Should pay around 0.4% pa on fees, if it’s a lot more somethings wrong
Don’t try and guess the market leave money in for 5 years or more
Don’t sell when shares are low
Look at performance over a period of years and be wary of funds that are very “ spiky”.

On the basis of this I am thinking of putting in 5000 in a fund with something such as Hargreaves Lansdowne, FIdelity, Standard Life.
Am I misssing anything?
Any further tips gratefully received.

“ So far I have gleaned “!

Go for passive not actively managed - That depends on your viewpoint. An actively managed fund can out perform a passive fund and thus be worth the fee involved.

If you are intending to start out with passive funds, then you may want to start out on a platform that offers not much choice in funds. If you are looking at Vanguard passive funds, then investing with Vanguard directly is likely to be lower cost than using a different platform... look at the platform charges and the fees for each fund.
Vanguard ISA currently has an account fee of 0.15% for accounts up to £250k. HL Vantage has a 0.45% account fee for up to £250k.

Check the Key Features document for each platform you are considering, check the fees and check minimum monthly investment amount. Also check account closure fees as if you decide to change platform you can have fees involved.

Thank you nanny nick that is useful extra info. I’m going to listen to a few more podcasts ( they are excellent), and then go for it.

I’d add make sure you understand the difference between accumulation and income funds. From my own experience I’d also say start small and if you then make mistakes you’re not risking a huge amount but you’re learning. I made some mistakes but with very low stakes. I’m glad I did as I now due a lump sum of unexpected inheritance and I’d have been very stressed managing it properly if I hadn’t spent the last year dabbling with very small sums. I know feel confident that I can invest it appropriately and have a better idea of my risk tolerance.

Now not know- sorry.

The other thing I’ve learnt is don’t be greedy or think you’ll spot the next big thing before all the professionals. If you’ve read a tip in the paper or a forum, it’s already likely to be too late.

You could invest your money monthly, rather in one lump sum. That way you will buy more units if the market dips - rather than trying to 'time' the market.

Best advise I was given - by the time everyone is talking about a good investment it is too late to invest in it and don't invest anything n the markets you are not prepared to lose.

Good luck and enjoy the ride.