Hargreaves Lansdown

Maryh82

Advise please. I have about £250k invested in a manged portfolio with HL. Recently I reviewed my upcoming pension options with an IFA, who was hugely critical of HL. I thought this was unprofessional but on the basis of the advise realised that HL had provided me with a poor service in return for high management fees. In particular they had not provided basic pension advise concerning the life time allowance. This week a friend who also has investments with HL saw someone from another company (St James) who was also very critical of HL.
In the past I have been unhappy with communication with HL.
My investments are 'low risk'.
Does anyone have experience or advise about HL ? Should I dismiss the negative comments as unprofessional IFAs looking for business or take them seriously?
BTW I have complained to HL who have been extremely tardy about replying but I am pursuing.
Views please, thanks

Edi81

Before doing anything please see an independent financial advisor.

Your friend and his advisor from St James needs to do the same.

System

HL are usually well recommended in personal investing circles along with Charles Stanley Direct and a few others.

When you get to the level you do the management and platform fees can become a significant factor so it may be worth looking at other providers and what their fees are.

ColdIron

HL have a reputation for good service but high fees in certain areas

When you say you have a 'manged portfolio' do you mean that you are receiving, and explicitly paying for, personalised advice or are you just DIYing with one of their off the shelf products such as Portfolio+ or Master Portfolio?

Alexland

Agree with ColdIron the HL platform service is fine provided you keep an eye on costs. It works best when you buy discounted funds, move to ETFs/ITs for higher balances or take advantage of their SIPP drawdown facility for no additional charge.

HL's managed portfolio funds are a rip off when compared to similar funds from other reputable and more established portfolio managers available on the same HL platform.

You would only expect to receive proactive LTA advice if you had engaged them for an advice service. Are you paying for this? Or are you only paying platform and fund management fees?

Everything at SJP looks expensive - it's like hungry wolves inviting you around for for dinner and you arrive wondering what's on the menu...

If you feel an advisor (independent or otherwise) is being unprofessional in their conduct keep looking as there are plenty around.

Alex

dunstonh

For some balance....

HL are perfectly fine. They have solid software and are there is nothing wrong with them in that respect. However, they are heavy on the marketing and they have historically pushed people to funds based on marketing. Also, they are one of the more expensive platforms.

I have sent some investors to HL instead of using me as an adviser (typically small investors). However, I have also gained clients who were with HL who started DIYing but chose to move to advice after the novelty wore off.

In particular they had not provided basic pension advise concerning the life time allowance.

HL are not there to give you advice. Their DIY platform is for DIY investors.

Glen_Clark

See the advice on this website.
https://www.moneysavingexpert.com/savings/cheap-online-sharedealing/?_ga=2.14774326.1017526747.1498207934-1345294851.1496851258
(HL come out 'Best if you need hand holding' )

Reed_Richards

According to this web site https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/the-lifetime-allowance your Lifetime Allowance is just over one million pounds. Basic pension advice about it: "This is such a large sum that you will be very lucky if you have to worry about it".

So on the basis of the information you have given I would be much more concerned about the IFA you spoke to than about Hargreaves Lansdown.

xylophone

https://www.hl.co.uk/free-guides/lifetime-allowance-factsheet

You will only get personalised advice from HL if that is what you are paying them for - otherwise, you DIY.

http://citywire.co.uk/money/which-exposes-st-james-s-places-nonsense-fee-claims/a1036115

https://www.telegraph.co.uk/investing/news/st-jamess-place-accused-misleading-clients-costs/

https://www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser

https://adviserbook.co.uk/

Alexland

Reed_Richards wrote: »

your Lifetime Allowance is just over one million pounds. Basic pension advice about it: "This is such a large sum that you will be very lucky if you have to worry about it".

It really depends on the OPs age. There might be a clue in the username perhaps born in 1982? If so and they are already at £250k and with 20+ years of accumulation and further contributions ahead breaching an inflation adjusted LTA is a real possibility that they may wish to consider.

Alex

Maryh82

The management fee included initial assessment and annual review of what I believe to be my personal financial position, including up-coming retirement
thanks