Hargreaves Lansdown "playing hardball"

Lokolo

Rollinghome wrote: »

With their past form as Snowman has posted for not always treating clients fairly, most would feel more comfortable if HL revealed their intentions sooner rather than later.

Well they originally said "by the end of November".... so should be pretty soon! Although I am not confident we'll see anything in the next couple of weeks.

Rollinghome

Lokolo wrote: »

Well they originally said "by the end of November".... so should be pretty soon! Although I am not confident we'll see anything in the next couple of weeks.

They did, though I think they also gave other dates that came and went.

Last day of November is Saturday. Have faith.

dunstonh

If that were to come about could come as quite a shock for people with say £100k of equities in an HL ISA.

It almost certainly will. However, legacy assets have until 2016 to be dealt with. It is just new business that needs to be changed in 2014. iii moved the lot in one go and look what happened to them.

With their past form as Snowman has posted for not always treating clients fairly, most would feel more comfortable if HL revealed their intentions sooner rather than later.

They are one of the last to move to a compliant basis. We can only speculate reasons. It is possible one may view the fact they earn more on the current charging method as the reason for delaying it as long as possible. Who knows!

gadgetmind

dunstonh wrote: »

They are one of the last to move to a compliant basis. We can only speculate reasons. It is possible one may view the fact they earn more on the current charging method as the reason for delaying it as long as possible. Who knows!

As I expect them to increase their charging for everything we hold with them, I'm not sure who'll be saving money. Maybe those who don't know what they pay now? Who knows!

grey_gym_sock

presumably the big winners will be ppl holding a large amount with HL, all in actively managed funds. as the tiered charges (which are apparently planned) will help.

i expect to end up moving my funds away from HL (most of them are in trackers). but it depends on just what they and some of the alternatives do.

i don't know what sippdeal (sorry, youinvest) or bestinvest will be doing. i'm not sure if interactive investor's charges will need to change any more (since they apparently use cofunds, who are still paid by commission from funds, though ii themselves have only clean charges).

platforms whose new charges are known include: alliance trust, charles stanley direct, and (i think) TD direct.

so i'm not sure that HL are last (or not yet). this is among direct platforms - i know IFA platforms are a long way ahead.

gadgetmind

grey_gym_sock wrote: »

presumably the big winners will be ppl holding a large amount with HL, all in actively managed funds

I think the word you're looking for is "mugs".

That those happy to be reamed for huge fees might be reamed a little less is cold comfort for those who are likely to see huge fee hikes to pay for it.

atypical

Rollinghome wrote: »

EDIT: Just noticed that a couple of words have been deleted from my original post, presumably at someone's request and possibly Hargreaves Lansdown themselves.

Made me interested enough to look it up whereas I would probably have ignored the comment otherwise!:
http://webcache.googleusercontent.com/search?q=cache:https://forums.moneysavingexpert.com/discussion/4829338

jimjames

Lokolo wrote: »

Well they originally said "by the end of November".... so should be pretty soon! Although I am not confident we'll see anything in the next couple of weeks.

You never know, we might all be pleasantly surprised and HL has been waiting to blow us away with a market leading offering. If only they could recapture the way they started to transform the market by cutting out the initial charge and become leaders again.

dunstonh wrote: »

They are one of the last to move to a compliant basis. We can only speculate reasons. It is possible one may view the fact they earn more on the current charging method as the reason for delaying it as long as possible. Who knows!

Apart from HL are any other platforms waiting to announce their new pricing? HL implied they were waiting for others to say their plans but so far all the ones I'm aware of have already given details.

jamesd

jimjames wrote: »

2) 0.25% platform fee covered by the platform element of the annual charge

Part of their problem is that that is not a flat fee, so it would encourage those with larger amounts on the platform to transfer away to any places with fixed fees instead of percentage-based.

It's really quite tough for them to come up with a pricing model that can work against the whole range of alternative models and they are big enough that niche brands can be used by others to try to take specific pieces of their share with price discrimination approaches.

Still, there are extremely capable people there and they might manage it.

grey_gym_sock

jimjames wrote: »

Apart from HL are any other platforms waiting to announce their new pricing?

bestinvest? sippdeal?

i'd have thought that this is a logical point for HL to reduce their margins a bit (i.e. before ppl realize how much they've been paying). but only a little bit.