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aroominyork wrote: »If I want to pay investment advice my options include an FA, an IFA and HL. That makes them competitors.
If you want to eat food you can make it yourself, go to Mcdonalds or go to a restaurant. HL are the Mcdonalds. IFAs are the restaurants. So, I suppose in that respect there is a small level of competition. However, if someone wants an IFA they would not go to HL as they are not IFAs. If you want to go to a restaurant, you wouldn't go to Mcdonalds.
The vast majority of what HL does is for the DIY market and that is not competition. However, I will concede that some people do return to advice after deciding DIY is not for them.0 -
If you want to eat food you can make it yourself, go to Mcdonalds or go to a restaurant. HL are the Mcdonalds. IFAs are the restaurants. So, I suppose in that respect there is a small level of competition. However, if someone wants an IFA they would not go to HL as they are not IFAs. If you want to go to a restaurant, you wouldn't go to Mcdonalds.
The vast majority of what HL does is for the DIY market and that is not competition. However, I will concede that some people do return to advice after deciding DIY is not for them.
You might want to have a look at the posts on this site asking whether to DIY or IFA and specifically mentioning HL.
If people are deciding between them then they are in competition even if the services might be different.
McDonald's and Restaurants (and home dining) don't really support your point.0 -
HL offer full service financial advice, and it certainly isn't at McDonald's prices - I know, because I bought some! Their FAs compete directly with IFAs and wealth managers. However, I think it's fair to say that paid for financial advice isn't a major part of their business model.0
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HL offer full service financial advice, and it certainly isn't at McDonald's prices - I know, because I bought some!
You end up on the HL platform and they use HL MM manager funds. That is hardly a wide menu. And you pay a lot for it.0 -
It's not at McDonald's prices, but it is McDonald's quality. Such is the power of the HL marketing machine.OldMusicGuy wrote: »HL offer full service financial advice, and it certainly isn't at McDonald's prices - I know, because I bought some!0 -
No, no and yes. I was already on the HL platform, which was why I went to HL. No MM funds were recommended. The adviser selected from all the funds available on the HL platform, which is a pretty wide choice (but not whole of market I accept). He created a portfolio that was in line with what I asked for and did not use any of the HL MM funds.You end up on the HL platform and they use HL MM manager funds. That is hardly a wide menu. And you pay a lot for it.
It wasn't cheap though.....0 -
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Seems to me that the best way to resolve this particular line of discussion is for you to post what your circumstances/requirements/objectives were and what HL recommended, so that posters on here can see whether or not they'd agree that the HL recommendations withstand scrutiny....OldMusicGuy wrote: »0 -
OldMusicGuy wrote: »No, no and yes. I was already on the HL platform, which was why I went to HL. No MM funds were recommended. The adviser selected from all the funds available on the HL platform, which is a pretty wide choice (but not whole of market I accept). He created a portfolio that was in line with what I asked for and did not use any of the HL MM funds.
It wasn't cheap though.....
Was yours before they went restricted?
All the ones we have been taking from were advised (not DIY) and were all in their MM funds as advised by them.0 -
No need to do that as we are going a bit off track. I contacted HL (as I had my largest DC pot with them) for specific financial advice about 5 years ago when I started to take my pension investments more seriously but before I came on here or did any reading of the usual books I recommend.Seems to me that the best way to resolve this particular line of discussion is for you to post what your circumstances/requirements/objectives were and what HL recommended, so that posters on here can see whether or not they'd agree that the HL recommendations withstand scrutiny....
The FA did a detailed review of all my existing pensions, discussed my financial objectives and presented a detailed and professional report with overall recommendations and a portfolio constructed from 15 funds (roughly a 50/50 bond/equity ratio). It was a classic single sector approach using actively managed funds. It was in line with what I asked for, although i doubt whether any 2 IFAs would come up with exactly the same mix.
The complexity of the portfolio got me interested in researching the funds which led me into coming to sites like this and Monevator, which led to me finding out about low cost passive investing, which led me to Kroijer, Edwards, Pfau and McClung, which led me to replacing all of this with a simple, low cost multi-asset portfolio.
Along the way I invested in Woodford Income Focus (to get this back on topic) as my sole active fund to generate income and (luckily) decided I didn't like the stocks he was picking so went all multi-asset.
The approach and advice I got from HL was no different to that I got when I have worked with IFAs in the past. Fortunately he didn't recommend any MM funds, I hope I would have seen through that at the time but maybe not (although I would now).
However, this was one-off transactional advice. Maybe things would have been different if I had signed up for PMS.0
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