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How safe is my money in HL?
Comments
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Always assuming that H-L did actually buy the fund. You've got no evidence that this transaction ever took place.
Hence my other post listing the potential claims which included fraud by the platform.
In terms of likelihood I think it is still pretty low.Remember the saying: if it looks too good to be true it almost certainly is.0 -
If you run into a bit of a cashflow problem, it must be so tempting. Just hang on to client assets a night longer on the way through, it'll make so much difference to the overdraft.Hence my other post listing the potential claims which included fraud by the platform.
High stakes though. FSCS doesn't cut it with a SIPP.In terms of likelihood I think it is still pretty low."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Why would anyone put a million pounds into a Hargreaves Lansdown fund?
With that money you could buy a wide spread of shares directly, held in your own name.
Why pay commission to somebody else to do that, be bound by their terms and conditions they can change at will, and wonder whether they are ripping you off?“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Glen_Clark wrote: »Why would anyone put a million pounds into a Hargreaves Lansdown fund?
With that money you could buy a wide spread of shares directly, held in your own name.
Why pay commission to somebody else to do that, be bound by their terms and conditions they can change at will, and wonder whether they are ripping you off?
Because being wealthy you have better things to do with your time
Because you are interested in investing in funds with active managers who individually invest across multiple assetts/sectors/locations
Because administering large portfolios of shares costs lots of money
:beer:I believe past performance is a good guide to future performance :beer:0 -
Because being wealthy you have better things to do with your time.
In which case why are they using a DIY platform such as HL?
While I am interested in doing this, I am not prepared to suffer the underperformance their fees via HL would cause.Because you are interested in investing in funds with active managers who individually invest across multiple assetts/sectors/locations
I'm not at seven figures for our portfolio of unwrapped shares, but well into six figures. Running/admin costs are *very* low even with HL!Because administering large portfolios of shares costs lots of moneyI am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
.. and lower still (zero) when you hold the certificates in your own name, with the dividends automatically paid into your bank account.gadgetmind wrote: »Running/admin costs are *very* low even with HL!“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
gadgetmind wrote: »In which case why are they using a DIY platform such as HL?
Because it offers the level of involvement they are looking for ??gadgetmind wrote: »While I am interested in doing this, I am not prepared to suffer the underperformance their fees via HL would cause.
Personal choice ??gadgetmind wrote: »I'm not at seven figures for our portfolio of unwrapped shares, but well into six figures. Running/admin costs are *very* low even with HL!
But you do not charge for your time. Agreed that is because you like many of us enjoy the process. But if you did ???
Gadget I'm not saying putting a million in H&L is the best option but as they are administering over 28 billion pounds they must be looking after some very large individual deposits.
Possibly you can negotiate with H&L at that level?
I think most here have offered that while the risks are very small putting all your eggs in one basket may not be wise. But also that there are other considerations (e.g. security) which may impact decisions. I guess I'm saying there are far worse places to put a million :rotfl:I believe past performance is a good guide to future performance :beer:0 -
Although the post relates to HL it applies to any platform - the set of risks is potentially the same for any of them even the ones that may cost less than HL.Remember the saying: if it looks too good to be true it almost certainly is.0
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I wouldn't worry about it. When one of our IT's went bust a few years back we eventually got the majority of our money back once the holdings were sold. The final payment came via the Bank of New York although the IT was a UK one.0
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Is HL safer than say, putting 700k from a house sale, into a solicitor client account for three weeks whilst waiting to buy another house?
Many people would question a platform like HL in terms of safety for their money but would the scenario above be any safer?
I wonder what happens if a solicitor firm goes bust, how long would it take for the clients to have the money refunded.0
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