I think its purely to put people off switching out of IE. I honestly cant think of any other reason. Surely you can just sell any fractional shares and move them as cash alongside your whole shares?
@tom.winterton have you any update? Why has this suddenly appeared as an option for t212 when its only been a waste of my time?
Any updates greatly appreciated
Tried to transfer my InvestEngine S&S ISA to T212 in July as the in specie option previously greyed out in T212 was now available. However received email from InvestEngine staff telling me I needed to liquidate all my holdings in order to transfer across. Quite frustrating if I am honest. Both platforms support fractional shares and they could always just sell the fractional share if that was the problem and move the rest! Feel like I am stuck on this platform as dont want to be forced to liquidate holdings and be out of the market for several weeks. I expect if I wanted to transfer in they would willingly accept in specie.
Just to share my experience:
I managed to transfer quite easily ā it took no more than two weeks ā to Freetrade, in specie. That said, the account (ISA) only held one title.
I have to say, the InvestEngine support team was excellent ā probably the most responsive and helpful Iāve dealt with, even compared to Freetrade.
What led me to switch was mainly the concern about not being able to transfer in specie whenever I wanted, as well as the limited control over market orders.
It does seem theyāre working toward a more established process, though. And they still offer by far the widest range of ETFs in GBP in the UK. So, all in all, you win on some points and lose on others ā itās all about priorities.
Thanks Samurai. So basically you are saying i need to initiate in specie transfer to freetrade isa and once done another in specie transfer from freetrade to t212?
That should work ā Iām keeping the portfolio in Freetrade for now, since I already have a T212 account and prefer to de-risk a bit. I donāt have actual experience yet with Freetradeās in-specie transfers out, but based on their guidelines (and what Iāve read from T212 as well), it seems to be a standard process.
I did the same IE > Freetrade > Trading 212 process as you, and I found that of the five ETFs I had in my portfolio, only one could be transferred in-specie.
Therefore, I had to sell down the other four assets and transfer them across as the one asset that was allowed to be transferred in-specie.
just my opinion here and i may be on a different wealth journey than others but..
waiting to transfer from brokerA to brokerB oe even brokerC appears an effort to do, it exposes the portfolio to be out of the market for at least one month and leave you exposed to gains or losses which is obviously beyond our control.
isnt it best to just liquidise the assets (and locking in gains) and then rebuy on the preferred platform into the chosen ETF which is much faster, or to just start another position with another broker?
been with invest engine since jan 23 and i dont think its āTHEā perfect broker but i reckon its pretty near one of the best for ETF investing if you include everything together including the very helpful customer service and this community.
i have transferred cash isas into IE and another broker and i found it stressful checking email progress and even phoning the broker and bank to check progress weekly.
just my observations and opinion.
@tom.winterton have you seen my reply outlining a pragmatic solution for handling outbound in-specie transfers?
Paul, can you confirm that IE do offer in-specie SIPP transfers out? I ask as my new provider, ii, seems to think that you donāt. Please clarify. Many thanks.
If using through a business account or outside an ISA, this could trigger capital gains which is what people are wanting to avoid. If there is no ability to transfer out, it makes business accounts useless
Is there any news on this? Iām quite uncomfortable with the concept that IE is allowing Inspecie transfers in but not out. Feels cynical rather than technical.
If Iām going to be holding my SIPP with IE long term I need to know I can transfer without being exposed to the needless risk of liquidation/being out of the market.
This is a important trust issue.
Yes, if you decide to start an IE SIPP, I would assume the following:
That you will have to transfer out. In my experience the procedure for a very cumbersome and for me was impossible. They kept introducing new conditions and procedures.
For me I transferred-out using cash (because that was the only method available) and I doubt that will change any time soon.
It should be noted that whilst all the major SIPP providers use an online system, IE insists that you use an offline system but use email to transfer the paper forms (not post or online).
I was so relieved when I finally transferred all my SIPP funds away from IE as their SIPP systems are really not up to the job and are very bureaucratic.
For the avoidance of any doubt, Iāve just tried to transfer out my ISA to T212 and can confirm inspecie transfers are still not possible.
Itās only a single global index fund. Couldnāt be more simple.
Disappointing.
The funny thing is InvestEngine does support in-specie transfer-out from SIPP accounts:
Can I transfer my InvestEngine SIPP to another provider?
Absolutely, clients can transfer their SIPP away from InvestEngine. To do this, please contact the new provider and follow their process.
Please let your new provider know that we can process transfers electronically and that we use both Origo and Equisoft.
[ā¦]
In-specie transfers
If your transfer out is to be completed on an in-specie basis then your new provider should submit their instruction to our Equisoft account. Our reference in Equisoft is ALUSGB21IEP.
Most providers use Origo not sure if this Equisoft stuff makes it a hurdle again, but at-least itās supported.
Given that SIPP accounts too allow fractional shares:
- Which accounts support fractional ETF investing at InvestEngine?
You can invest fractionally through an ISA, SIPP, General Investment Account (GIA), or Business Account.
I donāt buy this whole notion of in-specie not supported in ISA due to fractional shares:
What about transfers out?
We donāt currently support in-specie transfers out of InvestEngine, this is because we use fractional ETF holdings, we canāt guarantee re-registration to another provider.All ISA transfers out must be done in cash.
@PaulGichemi , @tom.winterton, could you please provide an update?
At the moment, customers are being left in the dark, which is creating unnecessary anxiety. A bit more transparency about the current state of affairs would go a long way toward easing concerns in this thread.
Right now, itās the uncertainty thatās proving most toxic. Clear communication is key, and Iām confident most people would be perfectly understanding even if the update is simply: āWeāve deprioritized this feature due to X, Y, and Z, and we now expect to deliver it in 202X.ā
Any level of clarity would be far better than silence.
@tom.winterton, ^^ please?