This week saw a major new development for us – and we hope a useful new resource – as we finally launched our investment platform fee calculator.
Behind this most unsexy descriptor lies something which will show you in clear £ terms what you will pay to have your ISAs, pensions and investment accounts managed across 20 different online providers.
We built this because I was fed up of running increasingly complicated Excel spreadsheets to try and answer this most basic of questions. What will I pay with so-and-so – and how does this stack up?
How ridiculous is it that it took three months for one developer and one research bod to write the code, finesse the assumptions and embed the hugely different models and structures to support this. Sincere thanks and a shout out to Michael and Matt for their hard work on this. Sorry boys...
My increasing frustration with the industry’s lack of effort to help us answer this question has led me to call for #clearercharges across the board. It is not OK that we cannot quickly, simply and easily identify what we’ll pay for any given ISA, fund, pension or general investment account. And it is also not OK that we need a strong Maths competency and an awful lot of spare time to compare Provider A with Provider B.
The regulator has asked firms to show “progress in making charges more accessible and comparable for consumers who are shopping around”. We see very little of this.
Add your voice to our #clearercharges campaign. Visit our calculator and let us know what you think. Who’s missing? What should we add? Email me your requests for changes and improvements at firstname.lastname@example.org. And if you like what you see – please share it. Every £ I can avoid spending on Google to spread the word makes me very happy!
And finally I know lots of finance CEOs read this. Will any of you publicly support my call and commit to improvement and change? Do you think you can commit to showing your customers in £ terms what any given investment would cost them? I shall report back here next week.
Although by that stage Boris Johnson may be our Prime Minister, in which case I may well be at the bottom of a vat of gin, planning insurrection and reading up on the legal technicalities of the Riot Act.
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