Stocks and shares ISA

[normalgirl]

I have a stocks and shares ISA with Wesleyan worth about 90,000.I was thinking of diversifying into another investment platform.My financial advisor suggests sticking with Wesleyan for now,but I suspect this is because he has not had time to look at other options for us as instructed.
Wesleyan's fees are high (1.4%) per year and they are a low to moderate risk fund.
I was also thinking of investing 100£ a month into a funds and shares account with HL,but on reading that this would be subject to capital gains tax.I am a high rate taypayer,would this be a sensible idea to do this or should I reduce the amount?
I would be grateful for advice.
Thanks

Stick with getting the money into an isa where you have allowance left

Just move it to an isa with lower fees. HL do those, or AJ Bell. Have a look at moneysavingexpert for lists. You sound a bit confused so maybe would benefit from reading an intro to funds and brokers.

@aramox1 You are right about me being confused.We have always had a financial advisor and I haven't done any kind of research into finance until now.

The fees look really high and I expect you might be paying IFA fees on top of that.

I’d get the whole lot out of there (you can do an ISA transfer so as not to lose the wrapper) and stick it somewhere with much lower fees such as Vanguard. Other posters are right to say keep things in the ISA wrapper rather than outside if at all possible.

Hi op I’m in a similar position. Have a FA and looking to transfer my ISA somehwere without the high fees!
My FA is very convincing that SJP will definitely out perform others. But when I take into account the 2.5% fee + his 3% IFA fee, I think I could do better elsewhere.
Vanguard ISA looks pretty good.

For now, I’ve decided to just stick what’s left of this years allowance into a Moneybox cash isa before I decide what to do.

I have already maxed out this year's ISA and was looking for a new ISA for next year.Only 4 days left to decide!

Those fees are absolutely crazy. Nobody is going to outperform the market consistently by +5%…

Often people advise this simple approach: a cheapish broker (AJBell) and a global tracker fund. You could do this straight through vanguard with their own VWRL fund or one of their more balanced LifeStrategy ones like LS80. No need to pay that kind of premium unless you're getting other useful advice from your advisor.

5.5% in fees!

That's horrendous. I pay a 0.15% to 0.2% platform fee not including advice, but there are advised options that come in comfortably under 2%.

Not really. You've got plenty of time to decide for next tax year

Fairly new to this but why only four days to decide? I know is end of tax year but can't you transfer ISA anytime? I transferred my ISA from RBS to Charter Savings I think my rate is around 5%

@Margo2023 You are right!

Gosh those fees are high. I suggest playing with this - compare the current fees with Vanguard or AJ Bell fees of less than 0.5% over the long term.

www.candidmoney.com/calculators/investment-charges-impact-calculator

Trading 212 and HL both allow you to transfer all or part of a SS Isa.

I've just opened with trading 212, no fees for transactions!
Only having a bit of fun with it myself unfortunately and not proper money!

Is it a good idea to have more than £85k in one S&S ISA? Won't you lose your fcsc protection?

FCFS protection is for cash. If your S&S provider goes under you are still the owner of the S&S - they just get transferred to another holding company.

Your FA sounds like he ought to be sacked if he is advising you stick with high fees at Wesleyan and recommending the rip-off poorly performing SJP.

Last year I decided to educate myself properly about investing.

I listened to many back episodes of the Meaningful Money podcast and read a book called The Simple Path to Wealth by J L Collins, The Escape Artist website, and various threads on here and Reddit.

What I learned is that building wealth is very straightforward, even if you only have £10pm to invest, and you don't need a financial adviser for investing.

Basically all you need to do is:

1.Choose a product(s) - ISA, LISA (if eligible) and/or SIPP - i have all three.

1. Choose a platform - I'm with Vanguard, which charges 0.15%.

1. Pick a low-cost global multi-asset index tracker fund - most of my money is in Vanguard Developed World Ex-UK but there are lots to choose from, depending on your appetite for risk.

1. Set up a direct debit each month.

1. Sit back and watch your money grow, in the understanding that there are stock market rises and falls but that ultimately the market always rises.

I transferred my SIPP and ISA from expensive, poorly-performing funds to
Vanguard and it has made such a difference.

It's also so empowering to take control of my investments and my future.

NB I'm not a financial adviser😁 but learning about all the above is paying off for me!

Best of luck OP.

Very good update from @DunelmEasterSale

OP, I suggest (if you haven't already) you write a list of all your various investments including your pension, and find out for each one, what is the % charge for fees, and what is the type of fund (for example, UK only v global and so on).

This will help you make a decision when you look at other products and compare their fees / scope.