AJBell Youinvest, one of the more popular low cost retail brokers, are revising their client charges. These might mean some substantial changes for some clients because of the introduction of a custody charge based on a percentage of investments held. However there is an upper limit of £25 per quarter for a SIPP or £7.50 for an ISA and the previous SIPP custody charge of £25 per quarter is being scrapped. There will also be a “tiered” custody charge for funds which will replace a previous standard percentage charge – the bigger your portfolio, the smaller percentage charge that applies in future.
They have provided a link to enable you calculate the cost impact on your existing holdings and it shows how their costs will compare with other well known platform operators. Certainly for larger holdings they would appear to remain very competitive.
Perhaps any clients of Youinvest who are reading this note might like to comment on the impact (the fact it has been announced in the middle of August when many of their clients may be on holiday suggests that the company may be wishing to avoid publicity on the matter).
From this writer’s experience the Youinvest service is both efficient in administration and low cost. However one gripe is that they do not enfranchise their nominee shareholders, i.e. provide an easy way to vote your shares at General Meetings, or provide information. In that regard therefore I favour other brokers who do.