If you’re looking to manage your own investments, it’s not just about choosing where to invest. It’s also about choosing how. There’s a whole host of different investment platforms out there, each with their own fees and other costs, services and investment types.
Before you jump straight into using a platform that’s been rated by someone as the “best”, or that has an appealing opening offer, just remember: the best platform doesn’t matter. What you’ll want is the platform that’s best for you. Here are 5 questions you may want to ask yourself before you decide.
- What types of investments do I want?
Whether it’s UK stocks, overseas stocks, trusts, funds or something different, remember that not every platform offers every single investment type. This is especially true if you’re looking for tax-free investments like ISAs.
- What fees and costs are involved?
These vary significantly from platform to platform. The fees you’re charged could eat into your potential returns – especially if you’re looking to invest for the long-term.
- What sort of advice do you need?
If you’re in need of financial advice, remember that not every investment platform is FCA-regulated. This means that they’re limited in terms of the financial advice they can give. Some will offer banks of articles that may help to answer your questions – but for qualified advice, choose a regulated platform.
- How often do you want to invest/sell?
Some platforms cater more to regular traders, with higher annual charges but lower trading fees. Others are designed for those looking to leave their investments to grow, with a lower annual fee but higher trading charges. Which is right for you?
- How good is their customer service?
When investing your own money, you’ll want to be sure that you’ll get the customer service you need, when you need it. You may want to consider checking out ratings and reviews for the platforms you’re considering before you sign up.
“Stable Rise Limited is not authorised or registered by the Financial Conduct Authority. The marketing materials are not intended to provide financial advice nor promote any individual financial products.”