What is the difference between an investment manager and stockbroker?

A stockbroker is often referred to as an execution-only stockbroker. The term execution-only describes the placing of investments whereby you have chosen not to receive any advice and know exactly what investments you want to buy and sell and when you want to do it. ‘Stockbroker’ is a term for firms who offer this service.

Investment managers provide a service whereby you appoint them to manage your money for you. In this scenario you pay to access their expertise and they will buy and sell investments on your behalf, using their own discretion and based on what you tell them about your objectives and attitude to risk.


Appointing a stockbroker on your Modular iPlan

Through the Modular iPlan we offer access to two stockbroking services.

Selftrade can be used on all Modular iPlan products. Stocktrade also offer a stockbroker service and are available for the Modular iSIPP but cannot be appointed on the Modular GIA or Modular ISA.

Click on either of the companies below to display more information. All statements have been provided by the companies. James Hay has published these in good faith and accept no liability for their accuracy.


Selftrade

Selftrade is a trading name of Equiniti Financial Services Limited, part of the Equiniti Group.

The following are just some of the features you can expect from your Selftrade share dealing account:

  • A wide variety of investments
  • The ability to place at best and limit orders online or by telephone
  • View a full statement history outlining your dealing history and money movements
  • View your portfolio value
  • Read and respond to secure messages relating to your share dealing account, including electronic contract notes

Charges

Selftrade will apply the following specially negotiated charges for James Hay Partnership customers:

  Modular iPlan Wrap
Dealing Fee £15 / transaction
(including telephone
and online trades)
£15 / transaction
(including telephone
and online trades. First
20 transactions per
year free)*

These exclusively negotiated terms with Selftrade for James Hay Partnership clients are available on the Modular iPlan and Wrap.

Please note you will need to complete the Selftrade Third Party Regulatory Details form in addition to your application form to authorise your financial adviser, or other third party, to act on your behalf.

*Ordinarily the charge for using the Selftrade service is part of your Monthly Transaction charge levied on the James Hay Wrap. However, if you make more than 20 Wrap sharedealing transactions in a year, the £15 per transaction, dealing fee will apply. You / Your Financial Adviser will be notified if this applies.

Stocktrade

Stocktrade, based in Edinburgh, is the execution-only division of Alliance Trust Savings.

As an execution-only broker, Stocktrade does not offer investment advice but instead deals and settles transactions for investors who make their own investment decisions.

Stocktrade has been establishing new standards in stockbroking and customer service since 1993. Stocktrade's unique combination of established stockbroking heritage and the latest service delivery techniques allows Stocktrade to provide quality low-cost services for all of its customers.

Stocktrade offers a wide range of services and products to a diverse range of clients, including individuals, institutions, quoted companies, fund managers, financial advisors and banks.

For further information please select www.stocktrade.co.uk.

The value of investments can fall and you may get back less than you invested.


 

Appointing a third party under the Whole of Market module

You can appoint a different stockbroker or investment manager through the Whole of MarketA module offered by James Hay that allows investors to include funds and investment managers not offered within the James Hay Investment Centre. Module for £102 per annum.

Please note that firms will apply their own additional charges and they cannot be appointed on the Modular ISA.

Appointing a stockbroker or investment manager via other James Hay Products

You can appoint stockbrokers or investment managers to your product if the term and conditions offer this option. Please check your product terms and conditions and the product charges schedule for details of the costs involved.

Stockbroker and Investment Manager List

The following investment managers have agreed to James Hay’s terms and conditions. If an investment manager or stockbroker that you would like to use is not on the list, please contact us and we will liaise with the third party to ascertain if they are able to meet our requirements with a view to including them on this list. Please note that we will not be held liable for the investment manager’s, stockbroker’s or custodian’s actions.


Products administered by James Hay Administration Company

7IM Holdings Limited
A J Bell Securities Limited
A Vartan Limited
Adam & Company Investment Management Ltd
AFH Independent Financial Services Limited
Albert E Sharp LLP
Andrews Gwynne LLP
Arbuthnot
Aubrey Capital Management Limited 
Barclays Investment Solutions Limited 
Barratt & Cooke Limited
Blankstone Sington 
Bordier & Cie (UK) plc 
Brewin Dolphin Limited 
BRI Wealth Management PLC 
Brooks Macdonald Asset Management Limited 
Brown Shipley & Co Limited 
Cadogan Asset Management Limited
Canaccord Genuity Limited 
Capel Court Plc (T/A Balkerne Asset Management) 
Cardale Asset Management Limited 
Charles Stanley & Co Ltd 
Church House Investments Limited 
City Asset Management Plc 
City Credit Capital (UK) Ltd 
City of London Markets Limited
Close Asset Management Limited 
Cornelian Asset Managers Limited 
Cornhill Capital Limited 
Courtiers Investment Services Limited 
Coutts & Company 
Credo Capital Plc 
Daniel Stewart & Company Plc 
Deutsche Asset Management (UK) Limited 
EFG Private Bank Limited 
European Investment Management Ltd 
First Equity Limited 
Fusion Wealth Limited
GAM London Limited 
GBIM Limited 
Hawksmoor Investment Management Ltd 
HFMC Asset Management Limited 
Hobart Capital Markets LLP 
Hottinger Investment Management Limited
HSBC Private Bank (UK) Limited 
Hurley Partners Limited 
IG Markets Limited 
Investec Wealth & Investment Limited 
Investment Funds Direct Limited 
J & E Davy 
J M Finn & Co Ltd 
James Brearley & Sons Limited 
Jarvis Investment Management Limited 
JLT Investment Management Limited 
Killik & Co LLP 
Kleinwort Benson Bank Ltd 
Leodis Wealth Limited 
LGT Vestra LLP 
London & Capital 
London Stone Securities Limited 
Maunby Investment Management Limited 
McInroy & Wood Ltd 
Midas Investment Management Limited 
Miller & Co 
MPL Wealth Management Limited 
Murray Asset Management UK Limited 
Myddleton Croft Ltd 
National Westminster Bank Plc 
Netwealth Investments Limited 
Northern Bank Limited 
OCM Wealth Management Ltd 
Odey Wealth Management (UK) Limited 
Parmenion Capital Partners LLP 
Pembroke Asset Management LLP 
Pershing Securities Ltd 
PFP Wealth Management LLP 
Platform Securities LLP 
Premier Fund Managers Limited 
PSigma Investment Management Limited 
Quartet Capital Partners LLP 
Quilter Cheviot Limited 
Quorum Capital Limited 
Rathbone Investment Management Limited 
Raymond James Investment Services Ltd 
R.C. Brown Investment Management PLC
Redmayne-Bentley LLP 
Rossie House Investment Management 
Rowan Dartington & Co Ltd 
Ruffer LLP 
Saltus Partners LLP 
Sanlam Private Investments (UK) Ltd 
Santander Asset Management UK Limited
Schroder Investment Management Ltd (Cazenove) 
Smith & Williamson Investment Services Limited 
Speirs & Jeffrey Ltd 
St Johns Asset Management Limited 
Standard Life Wealth Limited 
Succession Advisory Services Limited 
TAM Asset Management Ltd 
The Royal Bank of Scotland Plc 
Thesis Asset Management Limited 
Thomas Grant & Co Ltd 
Thomas Miller Wealth Management Limited 
Thornbridge Investment Management LLP
Tilney Discretionary Portfolio Management Limited 
TIML Limited 
True Potential Investments LLP 
UBS AG 
Veritas Investment Management LLP 
W H Ireland Limited 
Walker Crips Stockbrokers Ltd 
Wellian Investment Solutions Limited 
Whitechurch Securities Limited 
Wise Investments Ltd 

Products through IPS Partnership

Arbuthnot Latham & Co
Brewin Dolphin Securities Ltd
Church House Investments
Close Brothers Asset Management Ltd
Coutts & Co
Fusion Wealth Limited
Holden & Partners (using Pershing)
MPL Wealth Management Limited
Praemium (Smartfund)
R.J. O'Brien (UK) Limited
Raymond James - Bowmore Asset Management
Raymond James - Casterbridge Wealth Limited
Raymond James - Cavendish Ware Limited
Raymond James - Exeter
Raymond James - Fisher Asset Management LLC
Rowan Dartington & Co
Seven Investment Management LLP
Smith & Williamson Investment Management
Stanhope Capital LLP
TAM Asset Management
Tatton Investment Management
The Share Centre
Tilly Bailey & Irvine
Tilney Investment Management
TIML Limited - Raymond James
Whitechurch Securities Limited

 

Points to consider

Choosing to invest through an investment manager or stockbroker may not be suitable for everyone and if you are in any doubt we recommend that you talk to a regulated financial adviser. If you do not have a financial adviser, you can visit www.unbiased.co.uk or call 0800 023 6868 which will provide you with a list of financial advisers local to your area.

You can also find useful and impartial information about pensions, savings and investments through the Money Advice Service. Please visit their website www.moneyadviceservice.org.uk for more information.

 

Capital At Risk Warning

The value of your investments is not guaranteed and can go down as well as up, and you may not get back the full amount you originally invested.