Change is tough, right?
Particularly when it requires a decision from you.
I first started investing on my own through RaboDirect’s managed funds, because I already had online savings and term deposits there. It was pretty easy to buy online, aside from the security layers required each time you log in that is! And after, I don’t know, 10 years or whatever, I guess there’s a bit of sentiment there.
Now that RaboDirect is pulling out of the managed funds business, I’ve got to decide what to do with the few thousand I have in funds over there. (It’s also apparently winding up the Cash Advantage Fund and Term Advantage Fund 🙁 )
Obviously nowadays we have a lot more choice as small-time retail investors, and more passive investing options. Case in point: I started investing through Smartshares last year. Granted, there are hardly any online capabilities there (quite frankly, I would have no idea at this stage how to go about selling my holdings) but that money’s for the long term so I’m okay with that.
Options for existing RaboDirect investors are to hang in there until March, when all our units would be sold and cashed out; or to transition over to InvestNow. That would mean giving consent for RaboDirect to facilitate the opening of an InvestNow account (as I don’t currently use InvestNow) and the eventual transfer of my investments over to that platform.
Pros of InvestNow seem to be low fees, access to Vanguard funds and a modern digital platform. That said, I might also need to investigate Superlife more closely (blogger The Smart and Lazy has done a quick comparison of some of Smartshares/Superlife/Simplicity/InvestNow here).
I suspect I’ll wind up doing that – path of least resistance, as well! – but if you’re in the same boat, I’d be curious as to what you’re thinking!