Just how difficult is it to run an ISA account direct with Fidelity?

07 October 2021

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Question by Bob

I have approximately £400k in ISAs on the Fidelity platform.

I obviously pay Fidelity charges plus 0.5% commission to a Financial Advisor that I have dealt with for some years.

In the early years of working with my present FA regular reviews took place, but he no longer seems to be doing much, if anything to justify his commission, and I fear that I’m just wasting money on paying him commission. This year, for instance, my ISA allowance was not placed correctly in the holdings I specified, and at the moment I have been waiting over a month for him to arrange a review either by zoom or telephone.

Could you offer any advice on the practicalities of running my account with Fidelity myself. I have some experience of dealing with my ISAs some years ago, and dealt fairly successfully with adding to and changing my holdings. These days my holdings change little from year to year.

Just how difficult is it to run an ISA account direct with Fidelity?

Thanks for any advice you care to give.



Answered by Joshua Gerstler

Hi Bob,

Thank you for your question.

If your Financial Adviser is not providing you with the level of service that you have agreed, and is not responding to your correspondence, then you should contact Fidelity and ask them to turn off his fees.

You should never pay for a service if you do not receive any.

The act of monitoring your funds and making any purchases or sales is not overly complicated and if you feel you are confident on the system then there is nothing to stop you doing it yourself.

Where we feel we really add value to our clients is the Financial Planning rather than just the order taking, and this is maybe where you will be missing out.

I hope this helps and please feel free to get in touch.

Josh

Answered by

Joshua Gerstler

Chartered Financial Planner

I have been working in Financial Services for over 16 years. I started out at Deloitte where I trained and qualified as a Chartered Accountant before moving to Financial Advice/Planning at The Orchard Practice in 2011.