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Cavendish or Hargreaves
NorthernGeezer_2
Posts: 162 Forumite
Looking to transfer my £60k pension pot.
Anybody got any thoughts with regards to the 2 companies in the title?
Anybody got any thoughts with regards to the 2 companies in the title?
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Comments
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Both companies have a platform and they also retail personal pensions. Which is it?
What assets are you investing in? (it can significantly change the answer)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 -
If you intend to invest in funds, the answer is very simple - Cavendish hands down. Though I would strongly recommend you look at Close Bros who charge the same 0.25% platform fee.
If you intend to invest in shares (Including investment trusts) then it's not so simple and you need to calculate what works best for you. Frequency of trades etc..... all make a difference to the outcome.0 -
If you intend to invest in funds, the answer is very simple - Cavendish hands down. Though I would strongly recommend you look at Close Bros who charge the same 0.25% platform fee.
I'm not sure it's so clear cut for funds investments. HL charge an annual Mgt charge of 0.45% for SIPP portfolios of up to £250,000 (it incrementally reduces to 0.25% above £250,000) this compares to a flat 0.25% for Cavendish. However HL give a discount of typically 0.15% for many popular investment funds. For example Woodford Equity Income fund charges are 0.75% for Cavendish but a discounted net 0.60% for HL.0 -
Cavendish uses the Fidelity platform and that software is dated and clunky.
Fidelity do also have some super clean funds as well. They are not unique to HL. Most platforms have some (although the funds available will vary) and indeed, HL do not have the greatest number of super clean.
HL is more expensive but better interface and functionality and information (if you ignore the marketing element) may well be better suited to someone who doesnt know what they are doing.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 have not used Hargreaves Lansdowne but have looked at their website which is very informative. I always understood they were expensive. I started with Cavendish as they along with Charles Stanley were two of the cheapest platforms around for small investors starting out. If you have a £60k pot already though I wonder if you would be better with a flat fee platform? I agree that the Fidelity platform which Cavendish uses is not particularly user friendly.
I use Halifax Share dealing as they charge flat fees rather than percentage and as my portfolio is now £150k+ that is cheaper. Why not use the comparemyplatform.com website?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
or search the forums for Snowman's spreadsheet?0
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Always seems a bit of a footnote but HL SIPP annual fees (0.45%) for Shares, investment
trusts, ETFs, gilts & bonds are capped at £200 (don't know about Cavendish):
http://www.hl.co.uk/pensions/sipp/charges-and-interest-rates0
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