Today Invest Engine received monies from a number of ISAs which I was transferring in. I had set up two ISA portfolios one very cautious and another based on a successful combination of ETFs I have elsewhere.
I had expected Invest Engine to move the moneys into ISA Cash from where I could invest it in the ISA pie’s of my choice. Instead they invested all into one of the ISA pies. Luckily for me it was the one I was going to use for all of the funds.
Earlier when doing the ISA transfer’s Invest Engine, without asking me, set up the transfer as an in specie transfer. This would not have worked because IE did not have most of the ETFs being held on the other platform and the other platform does not do partial transfers. Additionally the other platform would have levied exorbitant fees for an in specie transfer. Fortunately for me the other platform informed me and after many messages back and forth over a couple of weeks, with both platforms, I eventually got things on track with a new transfer submission.
Invest Engine: You really must share your plans with what you intend to do with my money before taking action. Your behaviour is presumptive and unprofessional. I am now really rather nervous about what you might high handedly decide to do next.
Good point
Auto invest was turned on for both ISA portfolios.
My assumption was that auto invest only invested free cash accumulating in each portfolio. The help pages are not clear on this point.
I’ve asked IE for clarification on this point. I do want any dividend yields accruing in a portfolio re-investing. I do not want monies paid into cash re-investing.
Hi Kevin, we transfer ISAs from another provider to the portfolio that is mentioned on the ISA transfer form. If you wish us to look into the situation with the Autoinvest feature, please contact our Client Services team here.
Hi Paul
I have now checked my paper work. The other platform would not do an electronic transfer. A pdf form was used.
No fund was specified. It was simply a transfer to IE in my name.
So my complaint that IE made a decision with out seeking to know my intentions stand.
Would you please feed this in to your review systems?
Hi Kevin! I understand your concerns, and I apologize for any inconvenience caused.
To address your complaint and ensure that your concerns are properly addressed, I kindly suggest contacting our support team via email at [support@investengine.com]. They will be able to investigate the matter further, review your account and transfer details, and provide you with the necessary assistance.
Thank you Aelita
I don’t want to go down that route. I’m simply too busy and I have worked out how to stop a repeat of this by adding in further steps in addition to those your system requires. .
If you can feed the issue into your feedback system that would be great.
Joshua
You have not read my post properly.
The form above is for an electronic transfer.
My provider would not accept that and, as I pointed out in my post, a paper transfer was required and the format is different. There is no place on it to designate an IE portfolio.
My post is accurate and I hope the information is useful in raising issues for other users so that they might be forewarned. So, ‘blowing up the forum’ seems rather a controlling statement.
Your advice that I resolve this with IE is equally not sought. I have already resolved the issue. Which would be apparent to you if you read my post properly.
My post was to flag a series of issues which I have had These caused a few days of emailing the two providers to get to the bottom of what was going wrong. It was posted for the benefit of other users, so that they might obviate them if they were in a similar situation. Also for IE to consider in terms of their systems.
All in all I find IE to be an excellent investment platform. I also value the fact that they are open enough to allow public discussion.
I shall forgo a value judgement, that would be both foolish and disrespectful.
Glad it was helpful.
FWIW After comparing IE with its closest competitor, both of which I have experience with, my brother chose IE.
One of it’s strengths is the Time weighted return figures which makes for quick assessments of the state of things.
The down side is that they are a little slow at investing. So, IMO they would not be good for people who want to do live trading.
I am very happy with IE.
