Change shares to Savings acc in Money 2005


T

Trapper

I have a portfolio containing a variety of shares, which i have manually kept
track of, my FA is now selling and buying new funds plus adding more funds
making things complicated for me! I would now prefer to keep track of the
total value instead of fund by fund.
I cannot find a simple way of changing the Fund to a Savings account. Ihave
tried selling the shares but Money keeps stating there will be problems later
with share numbers, I cannot transfer the funds to another savings account as
none are listed in the available accounts list within the portfolio.

There must be a way to 'sell' all the shares in the fund to a cash account
then use this to transfer the money to a savings account, any advise as I do
not want to mess it up now!

Thanks
 
T

teabag

I hope you are ABSOLUTELY confident of your FA. Selling funds and buying
funds is called 'churning' and the FA benefits everytime - you lose
everytime.
Do you know why you need lots of different funds? Have you ever thought
(spoken to your FA about) Investment Trusts - just one or two.

If your Money program shows funds that you had bought - and the FA sells
them - then you MUST tell Money (the proceeds of a sale will [should] go to
the associated cash account and you can then transfer that cash to wherever
you like). My advice is to tell Money what your FA has bought (fund by
fund).

teabag
 
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T

Trapper

Hi.
You wrote:
I hope you are ABSOLUTELY confident of your FA. Selling funds and buying
funds is called 'churning' and the FA benefits everytime - you lose
everytime.
My last FA of over 30 years without a problem went bad on me, the FSCS
eventually paid me the max of £48k but this was no where near what I lost, I
am now very cautious and questioning over transactions by my new FA, much to
his annoyance!
The fund switches are at 0% cost, there are no additional costs to me with
switching funds within the framework. there is a 1% trail but as he loses the
same as he gains there is no difference. I have to use an FA due to having a
SIPP that can only be administered by an FA according to the trustees.

Anyway back to my problem.

This may seem a dummy question but should I use the sell option and just
enter the qty of shares and let Money work it out? I tried selling using the
qty and price shown but the price was the original purchase cost not the
lastest price. I have about 12 investments within the fund stated April last
year and so far show a return of around 21% average so I am not complaining.

I do not want any loose ends in the portfolio when finished. suggestions
appreciated.

Trapper



teabag said:
I hope you are ABSOLUTELY confident of your FA. Selling funds and buying
funds is called 'churning' and the FA benefits everytime - you lose
everytime.
Do you know why you need lots of different funds? Have you ever thought
(spoken to your FA about) Investment Trusts - just one or two.

If your Money program shows funds that you had bought - and the FA sells
them - then you MUST tell Money (the proceeds of a sale will [should] go to
the associated cash account and you can then transfer that cash to wherever
you like). My advice is to tell Money what your FA has bought (fund by
fund).

teabag






Trapper said:
I have a portfolio containing a variety of shares, which i have manually
kept
track of, my FA is now selling and buying new funds plus adding more funds
making things complicated for me! I would now prefer to keep track of the
total value instead of fund by fund.
I cannot find a simple way of changing the Fund to a Savings account.
Ihave
tried selling the shares but Money keeps stating there will be problems
later
with share numbers, I cannot transfer the funds to another savings account
as
none are listed in the available accounts list within the portfolio.

There must be a way to 'sell' all the shares in the fund to a cash account
then use this to transfer the money to a savings account, any advise as I
do
not want to mess it up now!

Thanks

.
 
T

teabag

Unless you have periodically told Money what your share prices were then, at
the point of sale, it will pick the last price (ie what you originally
paid).

When, within Money (Investment Transactions), you 'sell' an investment you
have the opportunity to define the 'quantity', the 'price' and the
'commission'. To be sure the 'total' figure will reflect the previous 3
figures. Your new FA should be able to tell you the quantity he sold and the
price he got - for EACH fund; from what you have written I guess the 'cost
of selling' (each fund) will be zero. You must sell each fund separately - a
grand total will not help Money.

teabag





Trapper said:
Hi.
You wrote:
I hope you are ABSOLUTELY confident of your FA. Selling funds and buying
funds is called 'churning' and the FA benefits everytime - you lose
everytime.
My last FA of over 30 years without a problem went bad on me, the FSCS
eventually paid me the max of £48k but this was no where near what I lost,
I
am now very cautious and questioning over transactions by my new FA, much
to
his annoyance!
The fund switches are at 0% cost, there are no additional costs to me
with
switching funds within the framework. there is a 1% trail but as he loses
the
same as he gains there is no difference. I have to use an FA due to having
a
SIPP that can only be administered by an FA according to the trustees.

Anyway back to my problem.

This may seem a dummy question but should I use the sell option and just
enter the qty of shares and let Money work it out? I tried selling using
the
qty and price shown but the price was the original purchase cost not the
lastest price. I have about 12 investments within the fund stated April
last
year and so far show a return of around 21% average so I am not
complaining.

I do not want any loose ends in the portfolio when finished. suggestions
appreciated.

Trapper



teabag said:
I hope you are ABSOLUTELY confident of your FA. Selling funds and buying
funds is called 'churning' and the FA benefits everytime - you lose
everytime.
Do you know why you need lots of different funds? Have you ever thought
(spoken to your FA about) Investment Trusts - just one or two.

If your Money program shows funds that you had bought - and the FA sells
them - then you MUST tell Money (the proceeds of a sale will [should] go
to
the associated cash account and you can then transfer that cash to
wherever
you like). My advice is to tell Money what your FA has bought (fund by
fund).

teabag






Trapper said:
I have a portfolio containing a variety of shares, which i have manually
kept
track of, my FA is now selling and buying new funds plus adding more
funds
making things complicated for me! I would now prefer to keep track of
the
total value instead of fund by fund.
I cannot find a simple way of changing the Fund to a Savings account.
Ihave
tried selling the shares but Money keeps stating there will be problems
later
with share numbers, I cannot transfer the funds to another savings
account
as
none are listed in the available accounts list within the portfolio.

There must be a way to 'sell' all the shares in the fund to a cash
account
then use this to transfer the money to a savings account, any advise as
I
do
not want to mess it up now!

Thanks

.
 
T

Trapper

Hi Teabag.

I have kept a manual track of share prices and have updated Money
accordingly. I have just received a load of paperwork regarding the sale of
fund shares and the purchase of the new fund shares.

I will have another look at selling the shares allthough I am sure the only
price listed on the drop down box was the original price and this may have
been why I got the screen warning about a difference in shares/prices which
would lead to problems later.
 
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T

teabag

I hope you can get your Money program to do what you want with your
investments.

I use Money 2000 and there is no drop down box against the price field on
the investment sale screen. Drop down buttons against the commission and
total fields each call the numeric keypad.

teabag
 

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