A decent solid offer which is fairly priced
Ffrom a big reliable brand. This doesn’t compete with other investment providers in terms of info and research for the more enthusiastic investor.
What we say
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A decent solid offer which is fairly priced from a big reliable brand. This doesn’t compete with other investment providers in terms of info and research for the more enthusiastic investor. Where it comes into its own is for those who feel less certain and want a simple offer from a big name.
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Ease of use
The website is simple to navigate and has a narrow focus, which allows users to easily find the information they want to know.
However, it is frustrating that you have to start your application to open a Stock and Shares ISA before you can view your fund options, despite this being clearly signposted.
Mobile & Apps
Choices by SLA’s slick app integrates with your bank account to create a live view of your incomes and outgoings. It has smart features that provide insights into your spending habits and help you save more, bringing you closer to your financial goals.
The app does not link to your ISA and hence does not show performance or any metrics associated to your investments, which may significantly reduce its appeal for ISA.
Behind The Scenes
Obviously Choices by SLA Aberdeen is a major player and this will give comfort to some in terms of security and service. The MyFolio range of pre-packaged investments is mostly well regarded by the industry and financial advisers, and does have a credible pedigree.
Stocks and Shares ISA
Own brand funds
Funds from other groups
Robo advice / ready-made portfolios
Includes a shortlist of investments
Pick your own funds
The 'Geeky' Details
Choices by SLA Aberdeen is a big brand player with a relatively simple service to get less confident savers up and running. Choices by SLA offers an Easy Option with ready-made portfolios, plus a self-select service if you want a bit more choice – it’s funds only, there are no individual company shares. The Easy Option has five ‘MyFolio’ funds with different combinations of investments and levels of risk.
These ‘MyFolio’ investments are ‘passively managed’ for a competitive 0.2% charge, bringing total costs to 0.4%-0.55% all-in. For the investors who want a wider variety of options, the DIY service is more comprehensive, offering 200 different fund choices.
The lack of research options during the investment selection process is disappointing and will cause the decision-making process to be more difficult for those who want to compare or analyse fund options.
In summary, Choices is a basic but robust service from a well-respected company. It is great value for those who want something simple and straightforward, but the more savvy may feel it lacks a certain level of detail when compared to other top DIY platforms.
Important Facts & Figures
Large firm: manages £bns on behalf of investors and financial advisers
£50 minimum monthly amount
£500 minimum initial amount
Choices by SLA