What is a "Management Fee Transfer" with Hargreaves Lansdown?

mr_fishbulb

Been looking at my Income Account on my Vantage S&S ISA with Hargreaves Lansdown (staring at the dividend money in there doing nothing - grrrr!) and I've noticed that each month I get charged a "Management Fee Transfer" of between 40 and 45p

Tried searching the HL site and Google (which goes to a broken HL link) but can't find what that is. Anyone know?

Cheers

mr_fishbulb

D'oh - answered my own question from the google cache.

It's the 0.5% on my shares in there.

Robert99

Just read your post as I am trying to do a similar thing. I have always thought HL as the best around and I have been impressed by the cash back etc. I am now trying to do the reverse by working out how much HL costs by working out all the charges they make. Have you got to grips with all of them?

Totton

I like the way that HL show you how the fee has been calculated. The 'Cash' tab within a portfolio view gives me two options, 1 being 'Cash on Account' and the other 'Income account'.

Click on the 'Cash on Account' link and I get the option to view Outstanding Charges and Fees, within that tab there is a button titled 'View Settled Fees', click on that one and you a list of fees.

In that list you see some are displayed as hyperlinks. Click on a hyperlink and a pop up window displays all the funds/stocks that attracted a fee and the valuation used to calculate the fee.

Okay it is a bit convoluted to find but once you know it is there .... good stuff imho :-)

Lokolo

I actually just had a look my statement and realised one of my funds is very odd.

I have £50 a month going in, and had this for 3 months now. However, the Cost of the fund is £149.72. Which means there is 28p somewhere that has gone missing..... I can't figure out where it has gone!

EdGasket

If they are charging you a "management fee" when it is YOU who are choosing the shares then they are having a laugh! Find a decent provider like TD Waterhouse, or if you want really cheap dealing, transfer your ISA to x-o.

Lokolo

EdGasket wrote: »

If they are charging you a "management fee" when it is YOU who are choosing the shares then they are having a laugh! Find a decent provider like TD Waterhouse, or if you want really cheap dealing, transfer your ISA to x-o.

TD Waterhouse is limited if you don't trade often or under £5k (I think thats the limit).

I use HL for my ISA because I can have a mixture of funds and shares. Ideally I would use x-o and HL (one for shares, one for funds), but that would mean I would need to have my allowance with 1 every 2 years.

Mikeyorks

Lokolo wrote: »

Which means there is 28p somewhere that has gone missing..... I can't figure out where it has gone!

If you click on the extreme left column ('Code') for that Fund in your portfolio - it should reveal it? Normally 'Corporate Action' ........ and with an explanation immediately underneath. Normally that it's an equalisation payment. With an active link for an explanation ...... so I won't copy it here!

If you're still short - we'll have a whip round.

psychic_teabag

You could perhaps try a partial transfer of part of previous years allocation from one to the other. eg if you want to add 5k to each, first do a partial transfer of 5k out of one into the other, from previous year's allocation, then put in a new 10k. (Doing the transfer first avoids any confusion over whether it is coming from this years allocation, or an older year. But that does of course mean you have to free up 5k cash.)

You might still be able to do them in the other order. Someone else can probably advise on how that works.

Maybe if you put in the transfer request first, but add funds to the other before the transfer actually goes through, it will still appear to be a transfer of part of previous year's allowance.

Lokolo

Mikeyorks wrote: »

If you click on the extreme left column ('Code') for that Fund in your portfolio - it should reveal it? Normally 'Corporate Action' ........ and with an explanation immediately underneath. Normally that it's an equalisation payment. With an active link for an explanation ...... so I won't copy it here!

If you're still short - we'll have a whip round.

15/11/2011Corporate Action 0.00000.27



Thanks!

EdGasket

Lokolo wrote: »

TD Waterhouse is limited if you don't trade often or under £5k (I think thats the limit).

There are no admin charges on a TD Waterhouse ISA so long as you have the minimum amount in there of £5,100. There is no requirement to trade in an ISA.