We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
HSBC Global Investment Centre - 0% initial charge on all funds
Options
Comments
-
Not a great deal given (i) they seem to be only temporarily offering that 0% initial charge and (ii) there is no discount at all on any of the annual charges.
I set out my thoughts in a thread a while back, see here for details.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Thanks - i assume you are right about the trail commission etc. as its your field..:cool:
I do see they have added a few more providers from when you wrote your original post.
However, I was actually thinking that it might be helpful for some of those who hold/held HSBC funds with Hargreaves Lansdown who are now charging an additional fee for them.
Regards
Sunil0 -
Expect all the banks to do similar if they do not do so already. Expectation is that most will be cut down versions of the full platform and aimed at customers who dont know what they are doing but not giving the bank an advice liability.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
That was more or less my only conclusion too, however at present you can open a new Fidelity FundsNetwork account through Canvendish for no fee and get access to a wide range of trackers and managed funds at no initial or trail commission. There's no guarantee that a separate platform charge won't be added to Fidelity at a later date, but it means that at present this offering from HSBC is a long way behind the leaders in this field.Thanks - i assume you are right about the trail commission etc. as its your field..:cool:
I do see they have added a few more providers from when you wrote your original post.
However, I was actually thinking that it might be helpful for some of those who hold/held HSBC funds with Hargreaves Lansdown who are now charging an additional fee for them.
Regards
SunilI am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
However, I was actually thinking that it might be helpful for some of those who hold/held HSBC funds with Hargreaves Lansdown who are now charging an additional fee for them.
Regards
Sunil
I agree that the HSBC Global Investment Centre is an excellent and often overlooked platform on which to hold HSBC trackers, as there is no platform fee like HL. In fact I've been using it since about December and holding HSBC all share and HSBC 250 trackers on there.
You have to set up an HSBC savings accounts or bank account (for example a flexible saver) to act as a settlement account but that just requires arranging an appointment with a branch to set up the account. The settlement account seems to work very well as a way to put money in and out.
Only downsides of the HSBC Global Investment Centre seem to be you can't transfer ISAs in (currently) and you have to invest by lump sum, minimum £500 (no regular contributions).
(Actually you can transfer an investment ISA into an HSBC FTSE all share tracker with HSBC, and set up regular contributions to that fund but not through the Global Investment Centre).
And the Global Investment Centre isn't for active investors or people wanting to invest in trackers other than the HSBC tracker range as the fund choice is limited. Full list of funds here (at bottom of the document).
Note the Global Investment Centre is for investment ISAs and money outside of an ISA (but not SIPPS)
But a good bet for investing in the low charging HSBC trackers at the lowest cost in the current environment of expected further platform fees. Investing in HSBC trackers via HSBC has to be as good attempt as any to avoid unwelcome sudden platform fees. HSBC will be getting the annual management charge post RDR so hopefully will be able to continue to provide a free platform for them to be held.I came, I saw, I melted0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards