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More than one broker...

Including Financial Independence and Retiring Early (FIRE)
Hariseldon58
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More than one broker...

#597355

Postby Hariseldon58 » June 23rd, 2023, 1:37 pm

I know its been debated before, how many brokers/fund providers etc, ( my view has been at least three of everything, no single point of failure to exceed 50% or £1m, I'm giving it further thoughts...)

But clearly when things go round its messy, takes a long time and seems you may end up out of pocket.This provider was administering above £1.2billon, not a small operation either.

It seems the provider had taken over other failed providers before going into administration itself last year, some clients are 4 years into the process and still waiting for money.

Came across this today https://www.ftadviser.com/pensions/2023/06/23/hartley-administrators-propose-four-cost-models-for-sipp-clients/?xnpe_tifc=h.L.4DesbDHZ4kbJ4I1j4MpsafeWaeiWhFW.adpWasiXbMschoBAbfxcbdiArFb7h.zJhIxXhfYXxkYDhfYT&utm_source=exponea&utm_campaign=FTA%20-%20Lunchtime%20Bulletin%20-%20Newsletter%20-%2023.06.23&utm_medium=email

It's interesting and there are links to previous articles relating to this matter lower down the page.

Lootman
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Re: More than one broker...

#597386

Postby Lootman » June 23rd, 2023, 3:32 pm

Hariseldon58 wrote:I know its been debated before, how many brokers/fund providers etc, ( my view has been at least three of everything, no single point of failure to exceed 50% or £1m, I'm giving it further thoughts...)

Three for me. Any more would be an administrative hassle, and may actually increase risk as I would have to also choose smaller providers.

Vanguard, Charles Schwab and interactive investor.

xxd09
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Re: More than one broker...

#597546

Postby xxd09 » June 24th, 2023, 9:37 am

Interesting
Old investor (77) aware of possible cognitive decline?
All SIPPs and ISAs with Interactive Investor
All funds(3 only) with Vanguard
2 years living expenses cash with a High Street Bank and a Instant Access Cash ISA of a Building Society
Provides half our income-rest provided by a Teacher’s Pension and 2 State Pensions
Relatively easy to manage. low cost -0.29% and understandable
One cash withdrawal once a years from SIPPs and/or ISAs to top up living expenses funds
All monies with companies “too big to fail” !?
xxd09

SalvorHardin
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Re: More than one broker...

#597549

Postby SalvorHardin » June 24th, 2023, 9:45 am

Most of my investment trusts and Diageo shares are certificated, whilst Foreign & Colonial are held in the manager's savings scheme. In total they are about 30% of my portfolio and provide enough to live on.

Other than that two online brokers, one full service broker and an ISA with another manager. Plus one American holding held directly with the registrar in Minnesota


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