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Review: AJ Bell's Investment Platform
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Great News! AJ Bell is Reducing Dealing Charges
I've used AJ Bell to manage a part of my portfolio for several years, finding it to be a trusted brand with a reliable and generally user-friendly investment platform. However, I refrained from recommending it to readers due to its relatively high standard share-dealing charge of £9.95, compared to iWeb's £5 charge. This made it more suitable for frequent traders rather than long-term investors. I typically used it to manage shares that I traded more frequently, instead of keeping the entire portfolio on this platform.
Fortunately, change is on the horizon. AJ Bell recently announced a reduction in share dealing costs effective April 1st, 2024, a move that significantly enhances its value proposition for investors. Alongside its comprehensive range of investment products, including ISAs, LISAs, SIPPs, and dealing accounts, AJ Bell now emerges as one of the best platforms for UK-based investors.
A Quick Note About Popular No-Fee Platforms
You might be thinking, "Well, that's all very good, but there are several popular platforms out there that offer no trading fees. Why should I choose one of the mainstream platforms?" For small investors who are just starting to learn to trade, the no-fee platforms are easy to use, convenient, and quick to get started with. However, the reason there are no fees is because you're not actually buying shares when you trade on many of these platforms. Instead, they use financial contracts to profit from price differences, without dealing in the shares directly. For people that want to make quick trades of small amounts on a daily basis, this can be ideal. But if you're an investor looking to build an investment portfolio over the long term to reach a sizable pot, these platforms may be less suitable for you since you want to own the shares you purchase.
Another significant difference is that not all platforms offer SIPP and ISA accounts, so the target customers of these platforms are different. Especially with SIPPs (self-invested private pensions), which offer significant tax advantages for UK taxpayers. If you don't currently have a share ISA or a SIPP, I would recommend that you read the DIY Investor book mentioned below, as you may be surprised by how many tax advantages you've been missing out on.
Another Look at AJ Bell's Trading Platform
AJ Bell's founder, AJ Bell, is a staunch advocate for pension portfolio investments, emphasizing the tax advantages they offer UK taxpayers for securing financial independence in retirement. His book, "The DIY Investor," is an invaluable resource for understanding the benefits of SIPPs and how to get started.
The platform's user interface is intuitive, with all major investment account types conveniently accessible on one screen. Whether you wish to make use of your ISA allowance, plan and invest your pension, or use the general dealing accounts to make use of the yearly capital gains allowance, AJ Bell simplifies portfolio management.
Transferring to AJ Bell
For those with multiple private pension pots across various platforms, AJ Bell can help you consolidate them all into one place. Referral bonuses are available for new users referred by existing customers, adding an extra incentive to join.
AJ Bell Funds and Newsletters
For those who aren't keen on selecting individual shares, the platform offers a wide range of low-cost funds that handle most of the heavy lifting. Personally, I'm a big fan of ETFs, which track the overall stock market. It's easier and less time-consuming to gauge the overall market position over time rather than trying to determine if a particular stock is a good value or not. Additionally, investing in ETFs removes the risk of any one company going bust or cutting its dividend payout.
I also find AJ Bell's daily lunchtime email newsletter quite useful. It provides a quick summary of the biggest market events of the day. For investors who aren't subscribers to Bloomberg or the Financial Times, this free newsletter highlights some of the major events in the market that day. And since it's free, you really can't complain.
Outlook for the Industry
Looking ahead, it'll be interesting to see how competitors (such as Hargreaves Lansdown) respond to AJ Bell's reduced dealing charges. Increased competition benefits investors, driving platforms to enhance their value propositions. AJ Bell's move towards competitive dealing costs positions it as an excellent choice for both existing and new investors alike.
#investment #TradingPlatform
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