Genuine alternative to HL?

le_loup

naughty perhaps, but don't forget you can still use H-Ls website for research without being a customer ... just as you can use other websites without being a customer.

hyposmurf

Watsy wrote: »

I was planning on setting up a SS ISA with H&L for a VLS 60%

I was planning on transferring my pension over to them for the VLS fund, as the charges are currently reasonable,but I'm glad I held off as their new charges that will come in make the VLS a lot less attractive.

Seriously take a look around at what others are also offering before committing, as the exit charges maybe so steep that your then snookered and you'd be left with a steep fee if you chose to leave later.I'd like the FSA to ban charges for moving to another provider and account closure fees, might then stoke up even more competition.

planteria

i agree that that would be a great help hyposmurf.. and i wouldn't have thought it is inconceivable that they would do it. consumers could move platform just like they move bank accounts.

koru

le_loup wrote: »

If you can't make sense of H-Ls literature and the various post on here and the tables of different platform's charges - should you be investing at all?

People do need to think about whether they have the aptitude to understand this stuff so they can make some sensible decisions. One needs a reasonable amount of mathematical ability and one needs to be willing to wade through terms and conditions. If one tries to wing it, or rely on advice on threads like this (without properly understanding it all oneself), then one is running a high risk that one will make some major avoidable mistakes and might have been better off with a less complex kind of saving/investment.

It's like home electrical work. If I had the time to study it properly, I would probably do a lot of it myself. But I have to be honest about my own abilities and accept that I can't do this safely. At least if you get out of your depth with investing, you only lose money, but its still not something you should dabble in unless you are willing and able to devote enough time and effort to do it safely.

bigadaj

koru wrote: »

People do need to think about whether they have the aptitude to understand this stuff so they can make some sensible decisions. One needs a reasonable amount of mathematical ability and one needs to be willing to wade through terms and conditions. If one tries to wing it, or rely on advice on threads like this (without properly understanding it all oneself), then one is running a high risk that one will make some major avoidable mistakes and might have been better off with a less complex kind of saving/investment.

It's like home electrical work. If I had the time to study it properly, I would probably do a lot of it myself. But I have to be honest about my own abilities and accept that I can't do this safely. At least if you get out of your depth with investing, you only lose money, but its still not something you should dabble in unless you are willing and able to devote enough time and effort to do it safely.

I know what you mean but would that mean missing out on all investment options which probably isn't a good solution.

Government intervention often isn't beneficial but I do wonder if there is the possibility of basic products being certified at a particular cost. Much like a stakeholder pension they could have simple terms like no exit fees and say max 1% fees.

As with stakeholder pensions it could be teh case that they are rapidly outmanoeuvred in terms of value and become a niche product for those with small sums or a lack of interest, but it could be a simple option. Particularly as the alternative might be missing out on decades of investment growth.

planteria

i agree.

im not quite sure in what way stakeholders were outmaneuvered though. capped fees are good.:)

le_loup

Can't do electrics? Call in a plumber.
can't understand investments? Call in an IFA.

planteria

when do people need to have left HL by, in order to escape the hike?

planteria

planteria wrote: »

when do people need to have left HL by, in order to escape the hike?

i am hoping to make a decision, and get this in motion, within the next 7 days.

lejog2003

planteria wrote: »

when do people need to have left HL by, in order to escape the hike?

The new fees will be charged monthly in arrears from March, so by March 31st.

An in-specie transfer is unlikely to be complete by this date, see the Leaving HL with exit charges thread to see how to escape both transfer charges and increased fees.