Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Chloe_G
    • By Chloe_G 30th Nov 17, 7:24 PM
    • 33Posts
    • 7Thanks
    Chloe_G
    Old Mutual and Hargreaves Lansdown
    • #1
    • 30th Nov 17, 7:24 PM
    Old Mutual and Hargreaves Lansdown 30th Nov 17 at 7:24 PM
    Old Mutual have written to me (and all their customers!) to say they recommend transferring my investment to Hargreaves Lansdown and that approx. 99.5% of their customers will be better off and it's a free transfer etc. However, I am a small investor who does not do many (if any) deals and their charges seem higher than other platforms.

    It will be easier for me just to go with it as I just have to sign a form - but is it the right thing to do??

    Should I choose another platform?
Page 1
    • ColdIron
    • By ColdIron 30th Nov 17, 7:29 PM
    • 3,654 Posts
    • 4,396 Thanks
    ColdIron
    • #2
    • 30th Nov 17, 7:29 PM
    • #2
    • 30th Nov 17, 7:29 PM
    What are the charges at Old Mutual? Is it an ISA or a SIPP? Funds or shares?
    • george4064
    • By george4064 30th Nov 17, 7:46 PM
    • 865 Posts
    • 923 Thanks
    george4064
    • #3
    • 30th Nov 17, 7:46 PM
    • #3
    • 30th Nov 17, 7:46 PM
    Just interested as to why Old Mutual have recommended transferring clients' investments away from their platform??
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2016 - #045 £10,358.81/£12,000 (86%)
    Save £12k in 2017 - #003 £11,830.10/£12,000 (99%)
    • dunstonh
    • By dunstonh 30th Nov 17, 7:56 PM
    • 89,845 Posts
    • 56,494 Thanks
    dunstonh
    • #4
    • 30th Nov 17, 7:56 PM
    • #4
    • 30th Nov 17, 7:56 PM
    For the benefit of others, Old Mutual in this respect is Old Mutual the fund house. Not Old Mutual Wealth, the platform.

    Old Mutual is demerging companies and withdrawing from the UK. Whilst Old Mutual Wealth is going to continue under a different brand, the in-house administration of Old Mutual ISAs is ending and they are transferring them to HL. It is important to note that OM transfers to HL are not recommendations. It is a commercial decision.

    Should I choose another platform?
    You are not with a platform at the moment but will be on a commission paying share class. So, do you need a platform?
    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.
    • jimjames
    • By jimjames 30th Nov 17, 8:00 PM
    • 12,236 Posts
    • 10,761 Thanks
    jimjames
    • #5
    • 30th Nov 17, 8:00 PM
    • #5
    • 30th Nov 17, 8:00 PM
    If you're a small investor then the difference is likely to be minimal between platforms but it depends on your definition of small.

    0.45% on £10k is £45pa
    0.25% on £10k is £25pa
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Chloe_G
    • By Chloe_G 1st Dec 17, 5:33 PM
    • 33 Posts
    • 7 Thanks
    Chloe_G
    • #6
    • 1st Dec 17, 5:33 PM
    • #6
    • 1st Dec 17, 5:33 PM
    It's about £12000 shares (not ISA). I was going to reinvest the dividends automatically but gather that will cost me a transaction fee each time.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,042Posts Today

7,655Users online

Martin's Twitter