Hargreaves Lansdown "playing hardball"

darkvader

Been reading quite a few articles with interest this evening.....wonder what I should do now, Share Centre seems to make sense for our plans but any suggestions?

Mine
1. ISA £12000 in Funds only with a £350 monthly investment.
2. SIPP £7000 transferred in and across 3 ITs

Missus
1. SIPP £3000 transferred in via ISAs

Total charge on funds from March on £12700 will be £57.15 and another £45 on top for the SIPPS which is £100 for such a small pot. Also planning to increase m monthly ISA to £700 and a brand new one for the missus for £500 a month across ITs - I HAVE to run away or me thinks.....

DV

grey_gym_sock

Froggitt wrote: »

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.

how minimal? "standard" seems to be an uncapped 1% (min. £7.50) for dealing. so that's 2% to switch funds. if you switch more often than every 4.5 years, then it would be cheaper to pay HL 0.45% per year.

grey_gym_sock

if you look at the analyst presentation docs on HL's site (under investor relations), it makes it clear that they're not quite giving up full commissions on legacy business yet. the increased loyalty bonus will be nearly all commission that HL receive, but not 100%. they only have to start returning 100% on legacy business from april 2016.

this means that, if staying with HL, you may (or may not) be able to cut costs a bit by switching or converting your existing holdings into clean units. this won't be clear until the full details of new fund pricing are made available on 1 march.

this might be c. 0.06% difference on average, but no idea how it will be vary for different funds.

gadgetmind

As expected, pretty much a suicide note. As soon as a few others have played their hands, I'll be moving all our ISAs and SIPPs with BestInvest being favourite at the moment as I don't expect them to increase their caps.

My wife's unwrapped shares will be moving more slowly as we need to work within CGT, but I'll be making a start come April.

Goodbye HL.

Lokolo

gadgetmind wrote: »

As expected, pretty much a suicide note. As soon as a few others have played their hands, I'll be moving all our ISAs and SIPPs with BestInvest being favourite at the moment as I don't expect them to increase their caps.

My wife's unwrapped shares will be moving more slowly as we need to work within CGT, but I'll be making a start come April.

Goodbye HL.

Wondered where you've been all day

TCA

gadgetmind wrote: »

As soon as a few others have played their hands, I'll be moving all our ISAs and SIPPs with BestInvest being favourite at the moment as I don't expect them to increase their caps.

Somebody posted on Monevator that a switch to percentage-based fees was rumoured for BestInvest. I hope it was just a rumour. Sticking with fixed fees could even prove fruitful for them.

jimjames

sb93 wrote: »

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).

If it's the cheapest option and will be for the future with new investments added then yes worth switching.

If not cheaper and HL new pricing is better for you then might as well stay.

sb93

jimjames wrote: »

If it's the cheapest option and will be for the future with new investments added then yes worth switching.

If not cheaper and HL new pricing is better for you then might as well stay.

Thanks for the reply

Can I liquidate my holdings with HL (to avoid the £25 transfer fee) and then open a new S&S ISA with CSD?

grey_gym_sock

gadgetmind wrote: »

As expected, pretty much a suicide note.

only "pretty much" ... a ringing endorsement, under the circumstances

Totton

An interesting perspective here - http://langcatfinancial.co.uk/2014/01/back-for-more-hargreaves-lansdown-part-the-second/

For me, probably best to switch over completely to IT's where HL cap the a/c fee at £45 per year.