Hargreaves Lansdown "playing hardball"

jem16

guitarman001 wrote: »

Got a letter today saying they're charging 0.45% per annum on sums up to £250k? How does this apply to Lifestrategy funds which currently have an initial charge of around 0.2% followed by a £2 monthly fee??

You'll still pay the 0.2% annual charge for the fund.

However instead of paying £24pa if you hold one fund, you will pay a percentage charge of 0.45% on your total holding.

So if you have £10k in one Lifestrategy fund you will pay £45pa instead of £24pa.

If you have £100k in one fund you will pay £450 instead of £24.

gterr

Froggitt wrote: »

Im getting £200 or so refunded by my new provider. They will refund upto £300 of exit fees.

Who is your new provider?

jamesd

guitarman001 wrote: »

Got a letter today saying they're charging 0.45% per annum on sums up to £250k? How does this apply to Lifestrategy funds which currently have an initial charge of around 0.2% followed by a £2 monthly fee?

For those funds the fixed charge is being replaced by the 0.45% charge. Whether this is a price increase depends on the amounts involved.

guitarman001 wrote: »

I'm also going to be buying American stock and wonder how this will be affected.

For US or any other non-UK stock you need to be aware of their very high foreign exchange commission, which starts at 1.7% of the deal value.

jimjames

guitarman001 wrote: »

Got a letter today saying they're charging 0.45% per annum on sums up to £250k? How does this apply to Lifestrategy funds which currently have an initial charge of around 0.2% followed by a £2 monthly fee??
I'm also going to be buying American stock and wonder how this will be affected.

One person already on this thread has said their charges for Vanguard will increase from £24 to £1750. It might be an exceptional case but not exactly the bargain of the century that HL are proclaiming!

Froggitt

Rollinghome wrote: »

On equities and ITs or on unit trusts/oeics?

https://www.share.com/accounts/using-your-account/transfer-to-us/

if you transfer your other dealing accounts to us (including ISAs), we'll cover your existing broker's administration fee (this does not include any third party or custodial charges) up to £300. Please note that the account you transfer must have at least £1,000 of investments that aren't cash (e.g. shares or funds, etc.) for us to help with your transfer costs.

Froggitt

gterr wrote: »

Who is your new provider?

The Share Centre

Contrary_clive

Not so long ago I used HL for a Vanguard Lifestyle fund in an ISA wrapper. I encashed the fund and arranged an ISA transfer to SVS securities. They have shares/etf dealing fees of £1 for the first month followed by £5.75 thereafter. I bought into Vanguard ETFs (FTSE100, world hi-yield, Emerging mkts and Japan) for the princely sum of £4. The ongoing TER's are tiny and SVS take no ongoing mgt fee. There are also currently no exit costs if transferring the ISA to someone else in cash.

Rollinghome

Froggitt wrote: »

https://www.share.com/accounts/using-your-account/transfer-to-us/

If you could post an outline of their charges including platform fees for funds might well be a good option for some people.

Froggitt

Rollinghome wrote: »

If you could post an outline of their charges including platform fees for funds might well be a good option for some people.

Flat rate of £4 plus VAT per month.....~£60pa.


https://www.share.com/accounts/isa/self-select-stocks-and-shares-isa/account-overview/


Standard and frequent trader options. For minimal trading, the standard is fine for me.


Transfer is in progress, so I cant comment on their customer service etc.

sb93

I've currently £1700 in Vanguard LS 60% with HL, with a monthly contribution of £100.

Although the fee changes in fact make things cheaper for me at the moment, is it worth switching to another provider with lower charges? (i.e. Charles Stanley Direct).