Don’t put all your eggs in one basket. This is a golden rule of investing, but when it comes to choosing your providers there are actually many reasons to keep all of your accounts in one place. This is known as consolidating, and in this article we explain the different ways it could benefit you.
You could pay lower fees
All providers charge a fee to look after your investments, so with fewer providers you could pay much less in fees. And with less money disappearing in fees, there’ll be more to invest. This can be especially true of pension schemes from several decades ago that tend to have higher and more complex charges*.
Less paperwork and admin duties
Nobody enjoys filling in forms or sorting through paperwork. When you consolidate your ISAs and pensions you’ll only have to deal with paperwork from one provider – potentially saving you a lot of time and stress.
It’s easy to keep an eye on your investments
If one of your investments takes a turn for the worse, the quicker you weed it out of your portfolio the better. With all your investments in one place it’ll be easy to see which ones are performing well and which ones aren’t.
You will also be able to see how much you have saved at a glance, rather than comparing and adding up several statements. This can be particularly useful when it comes to saving for retirement.
Investing is simpler and quicker
If you do need to make changes, you will spend less time on the phone or in front of a computer with all your investments under one roof. Instead, buying or selling investments can take just a few minutes – giving you more time to do the things you enjoy in life.
How long does it take to consolidate with Bestinvest?
With our new electronic transfers, consolidating ISAs could take just a week and pensions just 15 working days. These faster transfers could mean less time spent out of the market. Some providers still require manual transfers – these can take up to 8 weeks for ISAs or 12 weeks for pensions. Either way, our dedicated transfer team will oversee the whole process.
How to start consolidating your investments
You can begin transferring ISAs or consolidating pensions in a few clicks using our website. If you have any questions or would like some help with the process, or you’d like us to send you paper forms, please call us on 020 7189 2400 or request a call back at a convenient time.