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Alliance Trust Savings taken over by Interactive Investor

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malkymoo
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Re: Alliance Trust Savings taken over by Interactive Investor

#259421

Postby malkymoo » October 22nd, 2019, 12:28 pm

CryptoPlankton wrote:
malkymoo wrote:
Julian wrote:Anyway, basically your understanding is what I was intending to say. Dividends accumulate as cash in your account unless to take action to withdraw them either as a one off transfer out or by regular scheduled payments out of the account (essentially a standing order paid to your nominated external bank account) where for the later you have to be careful that sufficient cash is in the account to meet those standing orders.

- Julian


I would like to take regular scheduled payments from my ISA (which is what I used to do with AST) as you describe above. However on enquiring about that via II secure messages, I was told it was not possible. I did notice that there is a pull-down menu on the cash withdrawal page, but it could not be moved from the default "single payment".

Am I missing something?


Between us, puffster and I managed to work out how to set this up in this thread:

viewtopic.php?f=26&t=11942#p142263

You will need to open a non-ISA trading account if you don't already have one. Then set up a regular payment from the ISA to the trading account and a regular payment for the same amount from the trading account to your nominated bank account.

It seems unnecessarily clunky, and you need to be sure to complete all the fields exactly as described in the penultimate post of the linked thread (and in one attempt), but it does the job perfectly satisfactorily once done.

HTH


I have set everything up as you suggest, all looks ok, seem it will do exactly as I wanted. I am very grateful for your help.

But why do they make it so difficult? Why can't they just enable recurring payment from an ISA to a bank account?

Dod101
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Re: Alliance Trust Savings taken over by Interactive Investor

#260032

Postby Dod101 » October 25th, 2019, 6:51 am

Like others no doubt I already held an ISA and Trading Account with II before the takeover by II of ATS so I was particularly interested in the email I received yesterday on how to link the two accounts (if for nothing else so as to save on two sets of charges) I had not been able to get the link to work. However following the detailed instructions I was pleasantly surprised to find that it worked first time. I recommend that anyone in my position does the same.

All I need now is for my ISA to finally transfer from ATS and I should be under one roof.

BTW anyone who held a SIPP with ATS will find that if they gave ATS en 'Expression of Wishes' in the event of death should note that it did not transfer and you will need to set it up again with II, online this time and that is very easy to do.

Dod

feder1
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Re: Alliance Trust Savings taken over by Interactive Investor

#260077

Postby feder1 » October 25th, 2019, 9:47 am

ii for iPad

Loaded the ii app onto the ipad. and found functions missing.

Can't see any dividends although one is supposed to have paid today (JEMI)

Can,t see any means of transferring cash out although you can pay in.

mc2fool
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Re: Alliance Trust Savings taken over by Interactive Investor

#260143

Postby mc2fool » October 25th, 2019, 1:56 pm

Dod101 wrote:Like others no doubt I already held an ISA and Trading Account with II before the takeover by II of ATS so I was particularly interested in the email I received yesterday on how to link the two accounts (if for nothing else so as to save on two sets of charges) I had not been able to get the link to work. However following the detailed instructions I was pleasantly surprised to find that it worked first time. I recommend that anyone in my position does the same.

I too got the email and tried to link them but got the same message as before, "It has not been possible to complete the requested function. If you would like assistance please call 0345 607 6001".

So I called them and told them of the problem but rather than asking them to sort that out I asked if they could just transfer all of my ex-ATS account (I only had a dealing a/c there) into my existing ii dealing a/c and then close the ex-ATS a/c and, yes, they can do that, although it will take "up to five working days".

I'd sort of expected that the call centre agent would be able to do it with a few clicks, but apparently it has to go to their transfers team to do and how long it'll take depends on how busy they are, but anyway, the request is in.

Now to find a third flat fee broker (in addition to ii and IWeb) to transfer some of the holdings too ....

TedSwippet
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Re: Alliance Trust Savings taken over by Interactive Investor

#260147

Postby TedSwippet » October 25th, 2019, 2:28 pm

Dod101 wrote:Like others no doubt I already held an ISA and Trading Account with II before the takeover by II of ATS so I was particularly interested in the email I received yesterday on how to link the two accounts (if for nothing else so as to save on two sets of charges) ...

Just wanted to check .. are you sure this is sufficient to avoid paying two sets of charges?

I have linked my ex-AT SIPP to my II SIPP so that I can see everything from within one single login, but on checking with II via secure message they were reasonably clear that I would still be paying two lots of charges if I don't fully merge these two SIPPs into one, for which I need to phone them. Maybe this is a SIPP-only thing? -- for some reason, I'm not on II's mailing list for customers with ex-AT accounts, and I've not received any of the emails that others have mentioned on this thread. Shrug.

mc2fool
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Re: Alliance Trust Savings taken over by Interactive Investor

#260152

Postby mc2fool » October 25th, 2019, 2:43 pm

TedSwippet wrote:
Dod101 wrote:Like others no doubt I already held an ISA and Trading Account with II before the takeover by II of ATS so I was particularly interested in the email I received yesterday on how to link the two accounts (if for nothing else so as to save on two sets of charges) ...

Just wanted to check .. are you sure this is sufficient to avoid paying two sets of charges?

I have linked my ex-AT SIPP to my II SIPP so that I can see everything from within one single login, but on checking with II via secure message they were reasonably clear that I would still be paying two lots of charges if I don't fully merge these two SIPPs into one, for which I need to phone them. Maybe this is a SIPP-only thing?

What they say in their email and website is that you'll "only pay one monthly service plan", i.e. the £9.99. It sounds like it doesn't include the £10 per month SIPP administration fee...

Alaric
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Re: Alliance Trust Savings taken over by Interactive Investor

#260185

Postby Alaric » October 25th, 2019, 5:02 pm

mc2fool wrote: It sounds like it doesn't include the £10 per month SIPP administration fee...


I have a SIPP with ii. The charge is £ 100 plus £ 20 VAT which for me is taken as one lump in March. That's in addition to the £ 9.99 taken every month from the Trading Account (but that one give a dealing commission offset).

Dod101
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Re: Alliance Trust Savings taken over by Interactive Investor

#260188

Postby Dod101 » October 25th, 2019, 5:08 pm

I have no experience of having aSIPP with II so I do not know how they charge for it. (I think separately) but I am fairly sure for an ISA and Trading Account if they are linked there is only the one charge. Time will tell.

I must say that once you understand how they work, II are fine, all the more reason why I cannot understand why they will not do a monthly automatic payment.

Dod

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Re: Alliance Trust Savings taken over by Interactive Investor

#260270

Postby SoBo65 » October 26th, 2019, 8:50 am

I have to say that so far I have been very impressed with the migration across from ATS to ii, I have managed to link my accounts whilst keeping my ISA's separate, as with ATS you could only have one ISA which meant you lost the benefit of all charges being refunded if you solely held Personal Assets Trust shares. The service from ATS was truly shocking at times and they did not seem to be that bothered about it and their website/trading platform was awful, but they were cheap, so was not a problem if you seldom traded. I am now inclined to stick with ii for now, rather than transfer everything to HL as I have less confidence in the latter following recent media articles.

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Re: Alliance Trust Savings taken over by Interactive Investor

#260271

Postby johnhemming » October 26th, 2019, 8:57 am

https://www.fnz.com/news-and-insights/2 ... -firm-jhc/

JHC, which is headquartered in London, provides the core technology platform to a number of the UK and Ireland’s top wealth managers and platforms including AJ Bell, Alliance Trust Savings, Brooks Macdonald, Charles Stanley, Davy, FIS Platform Securities, Interactive Investor, LGT Vestra and Quilter Cheviot. Its established software solutions – JHC Figaro (Figaro), JHC Neon (Neon), and JHC Xenon (Xenon) – facilitate more effective portfolio management, account administration, regulatory compliance and risk analysis for clients and financial advisers.

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Re: Alliance Trust Savings taken over by Interactive Investor

#260306

Postby SoBo65 » October 26th, 2019, 1:11 pm

johnhemming wrote:https://www.fnz.com/news-and-insights/2019/07/18/fnz-acquires-leading-wealth-management-software-firm-jhc/

JHC, which is headquartered in London, provides the core technology platform to a number of the UK and Ireland’s top wealth managers and platforms including AJ Bell, Alliance Trust Savings, Brooks Macdonald, Charles Stanley, Davy, FIS Platform Securities, Interactive Investor, LGT Vestra and Quilter Cheviot. Its established software solutions – JHC Figaro (Figaro), JHC Neon (Neon), and JHC Xenon (Xenon) – facilitate more effective portfolio management, account administration, regulatory compliance and risk analysis for clients and financial advisers.


That's interesting, I had alway assumed the ATS platform was something they had knocked up themselves, also as a number of ii competitors are also using a common platform, might mean that further consolidation is likely.

johnhemming
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Re: Alliance Trust Savings taken over by Interactive Investor

#260312

Postby johnhemming » October 26th, 2019, 1:41 pm

I cannot go into detail for historic reasons of client confidentiality although I am no longer involved commercially.
I can, however, give links to publicly available information that explains the situation.
https://citywire.co.uk/new-model-advise ... h/a1133662
ATS has its retail adviser platform for which it has run a replatforming project to move from proprietary technology to a system provided by GBST, it has its direct to consumer proposition which runs on proprietary system Active Bank, and it has the stockbroking business Stocktrade which uses Figaro technology, provided by JHC.

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Re: Alliance Trust Savings taken over by Interactive Investor

#260325

Postby Dod101 » October 26th, 2019, 3:10 pm

I have been a customer of ATS since 1991 and am fairly sure that in the early days and probably until fairly recently ATS did their own software. In the last few years Their platform has improved significantly and that is when I suppose they outsourced. Not that it matters now but going forward it is surprising that more platforms do not look the same if they are mostly outsourced to the same contractor.

Dod

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Re: Alliance Trust Savings taken over by Interactive Investor

#260338

Postby johnhemming » October 26th, 2019, 5:18 pm

Investment Management and Stockbroking is a complex processing issue because of the need to handle interfaces to various systems (such as execution system) and to maintain accounting records for both money and stock. Handling also the Income and Capital taxes is another complexity. That, however, does not prevent companies from writing their own front end websites whilst keeping the accounting and stock records in the same software.

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Re: Alliance Trust Savings taken over by Interactive Investor

#261128

Postby farnbrofool » October 30th, 2019, 6:13 pm

Re. payment of dividends, I just spoke to an II rep. after seeing a dividend appear as pending for a few hours before disappearing
- and then receiving a warning text msg re. my bank account being changed(!)
Panic over... the text msg is incorrect/wrongly worded, and is supposed to indicate a withdrawal.
My dividends were set to be paid automatically (on 12th of month with ATS).
As my previous ATS instruction covered all eligible funds in the account, the dividend is paid immediately with II.
The facility to pay dividends ('dividend pay away') is carried over from how ATS accounts were set up and may be switched on/off via a phone call to II (including security checks).
Switching dividend reinvestment on (only available for shares on II) stops the 'dividend pay away'.
The 'dividend pay away' feature may be set per account (eg different settings for your trading & ISA accounts).

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Re: Alliance Trust Savings taken over by Interactive Investor

#261168

Postby mc2fool » October 30th, 2019, 10:22 pm

On October 25th...
mc2fool wrote:I asked if they could just transfer all of my ex-ATS account (I only had a dealing a/c there) into my existing ii dealing a/c and then close the ex-ATS a/c and, yes, they can do that, although it will take "up to five working days".

The shares got transferred this morning and the cash sometime later in the day, so three working days. Still waiting for it to be closed though.

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Re: Alliance Trust Savings taken over by Interactive Investor

#261354

Postby Chrysalis » October 31st, 2019, 6:33 pm

Well, it does look as though my issues have all been resolved, so I have to give credit to the customer service (and technical team who must have actually solved the problems).
Now just to work out how to deal with the day to day funding of the accounts!

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Re: Alliance Trust Savings taken over by Interactive Investor

#261362

Postby Alaric » October 31st, 2019, 7:10 pm

Chrysalis wrote:Now just to work out how to deal with the day to day funding of the accounts!


The method I've used for several years has been to use internet banking to push money from a regular bank account to the Dealing Account. Once arrived, then make an internal transfer to ISA or SIPP if required.

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Re: Alliance Trust Savings taken over by Interactive Investor

#261364

Postby Chrysalis » October 31st, 2019, 7:11 pm

Alaric wrote:
Chrysalis wrote:Now just to work out how to deal with the day to day funding of the accounts!


The method I've used for several years has been to use internet banking to push money from a regular bank account to the Dealing Account. Once arrived, then make an internal transfer to ISA or SIPP if required.


Mmm senior moment, I meant day to day RUNNING of the accounts!
But thanks for the info anyway.

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Re: Alliance Trust Savings taken over by Interactive Investor

#262293

Postby mc2fool » November 5th, 2019, 1:26 pm

mc2fool wrote:On October 25th...
mc2fool wrote:I asked if they could just transfer all of my ex-ATS account (I only had a dealing a/c there) into my existing ii dealing a/c and then close the ex-ATS a/c and, yes, they can do that, although it will take "up to five working days".

The shares got transferred this morning and the cash sometime later in the day, so three working days. Still waiting for it to be closed though.

I've discovered a gotcha with transferring all of my ex-ATS account into my existing ii dealing a/c, being that the trading credits on the ex-ATS a/c didn't get transferred over too. On secure messaging them about it I've got the reply:

"Trading credits are only applied to the account on which the fees have been paid. Once you close an account the trading credits remain on the said account."

That, in itself, seems bizarre, although closing the ex-ATS account didn't close the ex-ATS login on II. I can still log in using my ATS id and what I see is a Trading account with Total Value: Closed and a current trading credit balance of £31.96 which will expire in Feb 2020. How I use that with a closed a/c is puzzling, to say they least! I've messaged them again to complain about it.

I wonder though, what has happened with the trading credit balances of the ex-ATS accounts for those of you with existing II accounts that chose to link them together? Can those that did check....


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