Am I paying over the odds for my S&S ISA with Hargreaves Lansdown?

Middle_Sister

I have about £76k in an H&L S&S ISA - Artemis, Invesco, Janus, Jupiter China, L&G, Stewart Investors. I don't trade shares. I can't even remember how I accumulated these funds.
I am being charged approx £331 a year, approx £28 a month which I think is high.
I do have about £40k in my DODL Investment ISA which I'm charged approx £4.90 a month, £58.78 a year.
I'm thinking of transferring my H&L S&S ISA to my Dodl Investment ISA which would then total £116k costing me approx £174 a year, £14.50 a month.
Does that sound like a good idea? What would you do? Any advice most welcome. 

Albermarle

HL's platform charge is 0.45%, so that £341 looks about right.
Are you aware though that the investment funds have their own fees. You do not pay these directly, they are taken out of the fund.
Fees for investment funds can range from 0.15 to 2%. Looking at the funds you mention ( although lacking in detail) I suspect they will not be at the low end for fees.
It could well be you are paying £1000 a year altogether.

You are right that you will have a lower platform charge with DODL, but if you hold the same funds, then they will have the same charges for those.

eskbanker

Middle_Sister said:

I have about £76k in an H&L S&S ISA - Artemis, Invesco, Janus, Jupiter China, L&G, Stewart Investors. I don't trade shares. I can't even remember how I accumulated these funds.
I am being charged approx £331 a year, approx £28 a month which I think is high.
I do have about £40k in my DODL Investment ISA which I'm charged approx £4.90 a month, £58.78 a year.
I'm thinking of transferring my H&L S&S ISA to my Dodl Investment ISA which would then total £116k costing me approx £174 a year, £14.50 a month.
Does that sound like a good idea? What would you do? Any advice most welcome. 

Have you checked whether Dodl offers your preferred investments?

Dodl offers a streamlined selection of funds, themed investments and shares from the wider AJ Bell range. If you're looking for more options when it comes to your investments, Dodl might not be for you

DiamondLil

You could have a look here for broker comparison:

https://monevator.com/compare-uk-cheapest-online-brokers/

jimjames

Simple answer yes, less simple answer - cost elsewhere depends on your profile. iWeb costs me nothing per year apart from £5 for any transactions

poseidon1

When transferring out your unit trusts to a new provider, you will need to make sure that none of them are a special class unique to HL.

 I found I had a  Royal London unit trust. which could not be transferred elsewhere and because of the specially negotiated HL charge rate, actually performed a little better than the normal open market variant. Ending up leaving that one with Hargreaves despite the 0.45% platform charge.

berwick53

I generally find that HL is only competitive on price when you hold only ETFs/Shares due to the £45 cap per year. If your holdings are £76k, that would equate to a 0.06% platform charge a year (this excludes transaction fees). If you're holding funds, you'll likely be better off elsewhere.

Middle_Sister

eskbanker said:

Middle_Sister said:

I have about £76k in an H&L S&S ISA - Artemis, Invesco, Janus, Jupiter China, L&G, Stewart Investors. I don't trade shares. I can't even remember how I accumulated these funds.
I am being charged approx £331 a year, approx £28 a month which I think is high.
I do have about £40k in my DODL Investment ISA which I'm charged approx £4.90 a month, £58.78 a year.
I'm thinking of transferring my H&L S&S ISA to my Dodl Investment ISA which would then total £116k costing me approx £174 a year, £14.50 a month.
Does that sound like a good idea? What would you do? Any advice most welcome. 

Have you checked whether Dodl offers your preferred investments?

Dodl offers a streamlined selection of funds, themed investments and shares from the wider AJ Bell range. If you're looking for more options when it comes to your investments, Dodl might not be for you

No I havent yet. It's all so confusing but thank you for your help. 

eskbanker

Middle_Sister said:

eskbanker said:

Middle_Sister said:

I have about £76k in an H&L S&S ISA - Artemis, Invesco, Janus, Jupiter China, L&G, Stewart Investors. I don't trade shares. I can't even remember how I accumulated these funds.
I am being charged approx £331 a year, approx £28 a month which I think is high.
I do have about £40k in my DODL Investment ISA which I'm charged approx £4.90 a month, £58.78 a year.
I'm thinking of transferring my H&L S&S ISA to my Dodl Investment ISA which would then total £116k costing me approx £174 a year, £14.50 a month.
Does that sound like a good idea? What would you do? Any advice most welcome. 

Have you checked whether Dodl offers your preferred investments?

Dodl offers a streamlined selection of funds, themed investments and shares from the wider AJ Bell range. If you're looking for more options when it comes to your investments, Dodl might not be for you

No I havent yet. It's all so confusing but thank you for your help. 

I should perhaps have added that you'd need to check that Dodl offers your chosen investments if you plan to retain them - if you can't remember the rationale for buying them and now have a hotch-potch of products that may not be optimal for your needs, it's probably time to take a step back and consider what your investment objectives are and how best to achieve them.  Minimising platform costs is all very MSE but the fundamental choice of investments themselves is far more important!

Qyburn

poseidon1 said:

 I found I had a  Royal London unit trust. which could not be transferred elsewhere and because of the specially negotiated HL charge rate, actually performed a little better than the normal open market variant. Ending up leaving that one with Hargreaves despite the 0.45% platform charge.

How did you arrange that? When I last looked HL wouldn't do a partial transfer out.