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Hargreaves Lansdown "playing hardball"
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grey_gym_sock wrote: »more on topic, HL have said that they intend to apply their new charging structure to all customers. i.e. everybody pays the new explicit charges (whatever they are
), and if you're still in dirty funds, you get a full (instead of a partial) rebate of commissions. and you have the option to switch to clean (before 2016, by when everybody has to switch).
You can still stay on retail from 2016. However, platforms have to move legacy business by then to their new charging.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I really don't care what happens to funds as those using these generally aren't very fee conscious and like the "reassuringly expensive" aspect. Yes, it makes no sense to me either, but that's the way they think.
What does matter to me is how platforms will charge for trackers, ETFs and equities. We have no choice other than to use a platform for SIPPs and ISAs (sad but true) so just need to keep fees pared to the bone as best we can.I 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 -
I am a novicey HL customer though have had funds with them for 10 years or more. I've become aware of their relative high charges in the last year and cynical about their Wealth150, but am waiting for the new charges to become clearer before I consider moving.
I would say that in my experience, they are the most efficient company I deal with and their customer service have always been helpful. While it will hopefully be relatively easy to compare charges, the customer service aspects may not be.
I will be following threads such as this closely over the next few months to help me make a difficult decision.0 -
......... and ETFs toogadgetmind wrote: »We have no choice other than to use a platform for SIPPs and ISAs“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Archi_Bald wrote: »Who are the two bigger ones?
Cofunds is the largest by some way - I declare an interest as I work there. We don't offer services direct to investors, but whitelabel a number of the EO/direct sites, such as MoneySupermarket.com, Chelsea, Financial Discounts Direct, Best Invest, Willis Owen etc - these firms go head-to-head with HL.
Fidelity is next largest. It had a similar proposition, but also sells direct.
Hope this helps.0 -
gadgetmind wrote: »I really don't care what happens to funds as those using these generally aren't very fee conscious and like the "reassuringly expensive" aspect.
They have been subsidising the platforms for the rest of us. Like those who incur high bank charges subsidise our free banking. If that is going to stop I suppose its inevitable we will have to pay a bit more..“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Glen_Clark wrote: »They have been subsidising the platforms for the rest of us.
I've mainly been using platforms that already charge a platform fee for holding trackers etc. I'm going to assume that the platform was setting that charge correctly as I'm sure they pay their financial people handsomely.I 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 -
gadgetmind wrote: »I've mainly been using platforms that already charge a platform fee for holding trackers etc. I'm going to assume that the platform was setting that charge correctly as I'm sure they pay their financial people handsomely.
Most of mine is in certificated direct holdings, the only platform I use is X-O (S&S ISA, ETFs and a few shares) There are no annual charges - just £5.95 per trade, so I wonder how long that will last.
X-O (Jarvis) shares have done well so they must be making money somewhere http://www.google.co.uk/finance?q=LON%3AJIM&ei=PtE7UsiXGu3DwAOyDw“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Sadly, certificates aren't an option for ISAs or pensions.I 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 -
gadgetmind wrote: »I've mainly been using platforms that already charge a platform fee for holding trackers etc. I'm going to assume that the platform was setting that charge correctly as I'm sure they pay their financial people handsomely.
Admirable trust in the financial people there gadget.0
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