Tilney Bestinvest has suggested investors combine all of their Isas and pension pots with one provider in a bid to help lower fees.
In a client newsletter, the advisory firm urged investors to review where they are holding their savings and investments, particularly if they have a number of old Isas or pensions.
The wealth management firm said: “All providers charge a fee to look after your Isas and pensions, so with fewer providers you could pay much less in fees. And with less money disappearing in fees, there will be more available to invest.”
When you consolidate your Isas or pensions you’ll only have to deal with paperwork from one provider – potentially saving you a lot of time and reducing stress.It reasoned that by consolidating investments it would be easy to see which were performing well and which need changing.
“If you need to make changes to your Isa or pension investments, you’ll spend less time on the phone or in front of a computer if they are all held with one provider,” Bestinvest noted.
The recommendation comes after criticism of the government’s decision to launch the Lifetime Isa, adding to the range of Isa products available to savers.
The newsletter added: “Nobody enjoys filling in forms or sorting through paperwork. When you consolidate your Isas or pensions you’ll only have to deal with paperwork from one provider – potentially saving you a lot of time and reducing stress.”
