Question
How would SAXO MWM now compare in your excellent ISA Discount Brokers Guide, especially in the Trail commission table? I have noticed that they now offer 100% discount on both the fund platform fee and the Trail commission since your reply to the question from starlight29 on 08/09/12. They are also discounting an annual fund fee of 0.5% to 0% until the 1st January 2014.Answer
Thanks for reminding me to add Saxo Modern Wealth Management (MWM) to the ISA Discount Broker Guide - have just done so!
In terms of cost Saxo MWM doesn't fare too well in most scenarios. They rebate all sales commissions and platform fees, which is great, but the savings are somewhat offset by the steep 0.5% annual account fee, plus a further £35 a year for ISAs and £195 for SIPPs.
As you mention, the 0.5% annual fee is waived until 1 January 2014, but unless you plan to transfer to another platform within a year or so thereafter it's not something to really factor in when deciding whether to use Saxo MWM. If you do transfer out there's a fee of £15 per holding (for 'as is' in-specie transfers) which is not unreasonable compared to some competitors (Hargreaves Lansdown charges double this).
I haven't used Saxo MWM's fund/portfolio tools (only available to clients), but the brief videos on their website suggest they're probably above average, although I doubt they rival Bestinvest's.
Share dealing is available at £9.95 for UK shares on deals up to £75,000, but rise significantly for larger deals and trading on overseas markets.
Overall it looks a reasonable proposition that's simply too expensive in the current market. Saxo's fee needs to be nearer 0.25% if they're to be a serious contender.
If any readers have used Saxo MWM, I'd be keen to get your feedback regarding service and features.
Incidentally, I asked Saxo MWM a couple of weeks ago if they'd supply data for my new fund platform comparison site (www.comparefundplatforms.com) - still waiting for them to reply...
How would SAXO MWM now compare in your excellent ISA Discount Brokers Guide, especially in the Trail commission table? I have noticed that they now offer 100% discount on both the fund platform fee and the Trail commission since your reply to the question from starlight29 on 08/09/12. They are also discounting an annual fund fee of 0.5% to 0% until the 1st January 2014.Answer
Thanks for reminding me to add Saxo Modern Wealth Management (MWM) to the ISA Discount Broker Guide - have just done so!
In terms of cost Saxo MWM doesn't fare too well in most scenarios. They rebate all sales commissions and platform fees, which is great, but the savings are somewhat offset by the steep 0.5% annual account fee, plus a further £35 a year for ISAs and £195 for SIPPs.
As you mention, the 0.5% annual fee is waived until 1 January 2014, but unless you plan to transfer to another platform within a year or so thereafter it's not something to really factor in when deciding whether to use Saxo MWM. If you do transfer out there's a fee of £15 per holding (for 'as is' in-specie transfers) which is not unreasonable compared to some competitors (Hargreaves Lansdown charges double this).
I haven't used Saxo MWM's fund/portfolio tools (only available to clients), but the brief videos on their website suggest they're probably above average, although I doubt they rival Bestinvest's.
Share dealing is available at £9.95 for UK shares on deals up to £75,000, but rise significantly for larger deals and trading on overseas markets.
Overall it looks a reasonable proposition that's simply too expensive in the current market. Saxo's fee needs to be nearer 0.25% if they're to be a serious contender.
If any readers have used Saxo MWM, I'd be keen to get your feedback regarding service and features.
Incidentally, I asked Saxo MWM a couple of weeks ago if they'd supply data for my new fund platform comparison site (www.comparefundplatforms.com) - still waiting for them to reply...
Read this Q and A at http://www.candidmoney.com/askjustin/813/is-saxo-mwm-good-value
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