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  • FIRST POST
    • Wobblydeb
    • By Wobblydeb 19th Jun 17, 9:53 AM
    • 896Posts
    • 1,399Thanks
    Wobblydeb
    Cheaper SIPP platform than HL?
    • #1
    • 19th Jun 17, 9:53 AM
    Cheaper SIPP platform than HL? 19th Jun 17 at 9:53 AM
    Running low on cash in my SIPP account has focused my mind on the fees due out to HL next month. I pay 0.45% of my SIPP value - currently c70k so 315 per year. Against this I received c120 of "loyalty bonus" in the last year. So effective fees are about 2.8% of portfolio.

    I only invest in funds, and the initial charge is always fully covered by HL, so there are no fees over that 2.8%.

    I like the platform and service received so have been happy to-date, but this is a money saving site!!! Does anyone have any recommendation on sites with lower fees but good platform (I particularly like the portfolio analysis tool) and customer service?
    I've got a plan so cunning you could put a tail on it and call it a weasel.
Page 1
    • dunstonh
    • By dunstonh 19th Jun 17, 10:17 AM
    • 89,853 Posts
    • 56,513 Thanks
    dunstonh
    • #2
    • 19th Jun 17, 10:17 AM
    • #2
    • 19th Jun 17, 10:17 AM
    I only invest in funds, and the initial charge is always fully covered by HL, so there are no fees over that 2.8%.
    No-one has initial charges (apart from soft closed funds and some UTs with very small bid/offer spreads which no platform can avoid).

    i Like the platform and service received so have been happy to-date, but this is a money saving site!!
    Value for money is more important than money saving. Don't get too carried away with the money saving bit. There is no point ending up in the cheapest pension if it offers none of the functionality or options that you wish to utilise.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Linton
    • By Linton 19th Jun 17, 10:34 AM
    • 8,614 Posts
    • 8,578 Thanks
    Linton
    • #3
    • 19th Jun 17, 10:34 AM
    • #3
    • 19th Jun 17, 10:34 AM
    Running low on cash in my SIPP account has focused my mind on the fees due out to HL next month. I pay 0.45% of my SIPP value - currently c70k so 315 per year. Against this I received c120 of "loyalty bonus" in the last year. So effective fees are about 2.8% of portfolio.

    I only invest in funds, and the initial charge is always fully covered by HL, so there are no fees over that 2.8%.

    I like the platform and service received so have been happy to-date, but this is a money saving site!!! Does anyone have any recommendation on sites with lower fees but good platform (I particularly like the portfolio analysis tool) and customer service?
    Originally posted by Wobblydeb

    I think you mean 0.28% rather than 2.8% - a bit of a difference. 195 per year for a 70K portfolio seems pretty reasionable to me especially as you are happy with the service. Your portfolio must be moving by more than that almost every day.
    • Wobblydeb
    • By Wobblydeb 19th Jun 17, 10:59 AM
    • 896 Posts
    • 1,399 Thanks
    Wobblydeb
    • #4
    • 19th Jun 17, 10:59 AM
    • #4
    • 19th Jun 17, 10:59 AM
    I think you mean 0.28% rather than 2.8% - a bit of a difference.
    Originally posted by Linton
    Ooops yes

    Thanks for the sense check. It does sound as if sticking with what I know is best. I've got ISA's elsewhere but to be honest I like HL and am happy to stick with them if I'm not being massively overcharged.
    Last edited by Wobblydeb; 19-06-2017 at 11:03 AM.
    I've got a plan so cunning you could put a tail on it and call it a weasel.
    • BLB53
    • By BLB53 19th Jun 17, 11:08 AM
    • 1,170 Posts
    • 960 Thanks
    BLB53
    • #5
    • 19th Jun 17, 11:08 AM
    • #5
    • 19th Jun 17, 11:08 AM
    I use AJ Bell who charge 0.25% but also charge 1.50 for fund purchases so probably no saving there.

    One option could be to transfer out a lump sum to them and continue building your SIPP with HL.

    Here's a comparison on diy Investor
    http://diyinvestoruk.blogspot.co.uk/2016/08/selecting-your-diy-pension-platform.html
    and also Monevator
    http://monevator.com/compare-uk-cheapest-online-brokers/

    I understand Vanguard will be launching a SIPP platform later this year to add to their recent ISA platform with charges of 0.15% and no dealing fees but currently you can only hold Vanguard funds/ETFs.
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
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