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Can we all have a good guess at this one my bid is 1%
....and the winner is.....-0.03%. This is a crude figure as i've just literally taken this years net worth and last years, and calculated the difference (ex house). We're down 4.5% from end August though.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
A single fund might seem appropriate in our opinion, but that's up to the OP - the 3-4 purchases a month was mentioned as that appears to be what he is currently doing.in any case the "3-4 purchases per month" comment is a red-herring as with sums of this amount a single fund would seem appropriate.
If he wanted multiple funds, and regular transactions he would need to account for that when he compares platform costs.
His focus, imho, should not be primarily on the platform.......but rather on the expensive funds he currently has. He could move to low-cost passive funds, but not everyone is so convinced about using a single passive fund.....it may be right for many, but not necessarily everyone.
Has anyone asked the OP yet about his pension provision - it could be that his money would be better used opening a SIPP and squirrelling the usual £2880pa into that for the £720pa govt top up - free money if he meets the necessary criteria.
PS, I don't own any shares in HL!;)0 -
A single fund might seem appropriate in our opinion, but that's up to the OP - the 3-4 purchases a month was mentioned as that appears to be what he is currently doing.
If he wanted multiple funds, and regular transactions he would need to account for that when he compares platform costs.
His focus, imho, should not be primarily on the platform.......but rather on the expensive funds he currently has. He could move to low-cost passive funds, but not everyone is so convinced about using a single passive fund.....it may be right for many, but not necessarily everyone.
Has anyone asked the OP yet about his pension provision - it could be that his money would be better used opening a SIPP and squirrelling the usual £2880pa into that for the £720pa govt top up - free money if he meets the necessary criteria.
PS, I don't own any shares in HL!;)
I have a final salary pension from Lloyds and a state pension next year which I topped up to correct the SERPS issue. Not full state pension, around $600 a month. No debts and house paid off.
My main concern is five years down the line, I could find myself with funds which I originally thought would grow over this period not doing anything and racking up charges.
HL charge ( so I thought ) a bit higher, for experienced fund managers for novice investors.
Looking at my funds now, I just wonder if the current performance, is a sign of broader issues rather than the fund being not well managed thus dropping.
Indeed if this is the case, then it would be logical to assume the switching/selling will not make much, if any difference to the outcome.0 -
Looking at my funds now, I just wonder if the current performance, is a sign of broader issues rather than the fund being not well managed thus dropping.
Its hard to notice the impact of high fees over a short period of time as the majority of the movements will be market related however over time they act as a compounding drag on performance.
Alex0 -
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HL charge ( so I thought ) a bit higher, for experienced fund managers for novice investors.
HL are very good at marketing. First rate in fact. You have fallen for it very well.
No IFA would use HL's own branded funds. No sensible DIY investor should be either. They are expensive cash cows marketed to inexperienced investors who dont know any better. And seeing as two of them are in the top 10 selling funds by HL, its clear a lot of people are falling for their marketing.
As I said higher up, you are paying more for DIY than you would be using an IFA. That is not ideal. The point of DIY is to save money over a professional doing it for you. At the moment, you are neither getting the benefit of professional advice or the cost saving of DIY.
All funds, except the HL own brand funds, are available on other platforms.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 -
HL dont have to be expensive. My HL charges are low but thats because I have few funds and instead many shares of various type (eg shares, ITs and EFTs) and HL work out well for those.
My main funds are elsewhere. And those are low charging ones vanguard and similar.
The OP would IMO be better off with lower cost funds elsewhere than HL, or with HL with EFTs and ITs that match those funds, or use an IFA with lower charges.0 -
AnotherJoe wrote: »HL dont have to be expensive. My HL charges are low but thats because I have few funds and instead many shares of various type (eg shares, ITs and EFTs) and HL work out well for those.
My main funds are elsewhere. And those are low charging ones vanguard and similar.
The OP would IMO be better off with lower cost funds elsewhere than HL, or with HL with EFTs and ITs that match those funds, or use an IFA with lower charges.
Except the exit charges are high:(0 -
I don’t think it is just fees where IFAs can be a poor choice. I used three IFAs before DIYing (I changed IFA when moving city) and one of the final straws was seeing that that their UK-slanted house portfolios underperformed VLS, and that was before accounting for their fees.The point of DIY is to save money over a professional doing it for you.0 -
The account closure fee is £25 + VAT. There are stock transfer charges but you can't transfer your HL MM funds as they are specific to HL. A transfer as cash is £25 and would be much quicker than a stock transfer. These fees are very small in comparison to the year on year costs of those funds with HL. You could recoup the cost in a maybe a matter of months. As I and others have said you can stick with HL but pay much less than you are now by not using those expensive HL MM fundsExcept the exit charges are high:(0
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