An Investment platform or FundSupermarket offers a single place to hold your wrapper investments, for example self-invested personal pensions (SIPPs), stocks and shares ISAs or Junior ISAs in one place. You can also search and invest in shares & investment funds, you can in most cases also open a share dealing account.
Investment platforms come in two groups, those who allow you to chose the specific investments you would like to make and those who create a portfolio or wrap investments together for you based on your investment objectives and attitude to investment risk.
Most platforms will provide you with financial news, tools and forums for their clients, the idea of a platform is for you to have control over your investment choices and you can tailor these to suit you. However, this freedom comes with a price, which means that all your investment decisions are made on an ‘execution only’ basis, which makes you solely responsible for the investment choices and you will have no protection or comeback if you incur any losses.
Investment Platforms allow you to centralise your personal pension and investment portfolios. In theory, you can put any investment into a wrap, including ISAs and personal pension plans such as SIPPs. However, some providers impose restrictions, so it is worth checking these first before opening an account. Once the account is up and running, all your holdings can be seen in one place, giving you a complete portfolio view.
As well as what you are allowed to hold within your wrap account, it is a good idea to check what the charges are before choosing a provider.
In most cases, you pay an administration fee on the account but benefit from lower charges on the investments you make within the wrap. Providers of wrap platforms include (at the time of writing) Fidelity Funds Network, Hargreaves Lansdown, AJ Bell & Aegon available through a broker or independent financial adviser (IFA), Old Mutual Wealth (Quilter Plc), Standard Life and Parmenion to name but a few.
However, most less experienced investors find it preferable to take professional advice before taking the plunge.
You can also request contact details from the Pension Tracing Service by phone or by post.
The Pension Tracing Service
Telephone: 0800 1223 170
From outside the UK: +44 (0) 1782 389134
Monday to Friday, 9:00 am to 5:30 pm
The Pension Tracing Service
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The Pension Tracing Service ® is a trading style of the Millennial Wealth Ltd. We are authorised and regulated by the Financial Conduct Authority. FCA number 914746. Unit 11Flag Business Exchange Peterborough Cambridgeshire PE1 5TX. The registered company number is 11557299
This service is not affiliated with the Department of Work and Pensions or any government body. The Pension Tracing Service does not offer financial advice to our clients. However we can allocate you an Authorised and Regulated Pension Specialist.
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