Lloyds Private Banking

cgzz

Hi everyone,
I've had a look through the forum to try and assess what people think about Lloyds Private Banking. It would be good to get up-to-date views on this as I am thinking about investing with them. How have they performed (particularly over the last year)? Charges - are they reasonable or expensive? Should this sort of investment (i.e. using a bank) be avoided? Any other comments would be great.
Thanks.

dunstonh

How have they performed (particularly over the last year)?

Thats not how it works when it comes to investing.

Charges - are they reasonable or expensive?

Damned expensive. Double charges on many things.

Should this sort of investment (i.e. using a bank) be avoided?

Yes.

Any other comments would be great.

I love coming across Lloyds Private Banking portfolios as its one of the easiest to justify pulling out of LPB. Costs are the big issue. Typically 2 or even 3 times more than an IFA. However, they also tend to go top heavy in Scottish Widows funds. So, they are clearly not acting in the client best interests. One common thing they suffer with as well is high staff turnover. The person that sets it up is rarely the person you deal with in future.

Either use a dedicated discretionary management service or an IFA.