Wednesday, 31 October 2012

The saga of the longest ever ISA transfer is finally over

Good news.

Finally today, after initiating my Stocks and Shares ISA transfer from the evil masterminds at Interactive Investor back in July, all my shares and funds are now available and present in my account at iWeb. This has been a hugely frustrating experience not knowing what was going on. Most of the shares disappeared from the iii account back in August, but never reappeared at iWeb until September. The funds left iii in September and didn't start popping back up (one by one) until last week and the last arrived today. In the meantime, I was still in the market and dividends kept appearing and being reinvested by iii so there was always more shares left in the account. This week those final dribs and drabs of reinvested shares magicked themselves into the ISA account at iWeb. I can see again how much the Team Dave Fund of Fun-ness™ is worth.... Millions! haha. No, not really.

CoFunds Gangster man probably
has your shares right now.
All along, both iii and iWeb had no idea how things were getting on. Both told me that once they left the account at iii that the items were dealt with by someone called CoFunds. CoFunds are clearly on to some sort of dodge with the shares and funds that funnel through them. That or they are the most incompetent outfit known to man. How is it possible to take 3 1/2 months to simply change the account at which shares are held?

Now, I have 23 shares and 9 funds in the portfolio. I note with some alarm that the performance of the portfolio this year is pretty much matching that of the FTSE100. I have in effect, at some cost, but with lots of fun, much research, much randomness, much distraction and adoption of others ideas, and with a dose of luck, built my own fund that is almost tracking the FTSE!

Argghh...what a waste of time. Why didn't I just buy a FTSE tracker fund?

Answer: Because that's no fun. But clearly the current approach is costing me money. In extra time and additional trading costs. Perhaps I am a passive investor, not a HYPE, asset allocator, value, or small cap investor. I'm still not sure. From here on, it has to be time to consolidate in those ideas that are performing ... and maybe we'll investigate some of the ideas whose time has been and gone in the next post.