Switching from Hargreaves Lansdown due to new charges

atari_st

https://forums.moneysavingexpert.com/discussion/comment/81884908#Comment_81884908

Can I ask how long did it take for HL to complete the SIPP transfer? Fidelity are quoting me 8-10 weeks at point of application.

R0cket

There is a helpful calculator on the Hargreaves website that show the current charge and future charge. Note that Investment Trusts & ETF's are classed as Shares for the purpose of charges.

I couldn't post the link, but search for "Hargreaves Lansdown Charges calculator"

I have transferred to AJ Bell. Have been with them many years, and find their service and App very good. They are a Which recommended provider and have been for the last 7 years.

DT2001

https://forums.moneysavingexpert.com/discussion/comment/81887711#Comment_81887711

I gave instructions 6 days ago to transfer from HL to Fidelity and the holdings are now showing at Fidelity. I am unsure of when I could deal - I will accumulate divs from IT’s I hold once a quarter rather than reinvesting automatically so not important. The 1st letter from Fidelity after the transfer started stated up to 8 weeks however the update on the website says 90% completed from HL inside 20 business days.

Somebody

I transferred from HL to ii in 2024. Took just over 7 weeks to complete. YMMV given the number of people transferring away.

MarkCarnage

For me, the new GIA charge is the potential game changer….as I hold only ITs, shares, ETFs and the odd gilt, the SIPP and ISA charges were ok by me due to the good website and good service. Didn't mind the overall increase of £55 on all that on combined portfolios. However, £150 a year for GIA which is essentially a 'waiting room' for my ISA (albeit a very long one now due to CGT!) did stick my throat. They must know this as I got a free year on it in the email advising of charge changes.
Therefore I'm going to sit tight for now and see what happens. I deal infrequently, and the reduced dealing fees are now pretty much in line with most others.
I may transfer most of my GIA holdings to my wife, who would pay lower CGT on any sales, and leave next to nothing in my GIA.

Will wait and see how others fare….

cockerWalker

https://forums.moneysavingexpert.com/discussion/comment/81888986#Comment_81888986

Same for me. I now have £50 in my HL GIA account to still allow me to keep my account open. Everything else is merged with my accounts at aj bell or freetrade. Realised I pretty much only had my HL account for occasional research anyway

atari_st

Just submitted a switch in my HL SIPP and got hit with the new £1.95 per switch fee now that it’s March.

I appreciate the platform fees have come down overall, but charging per switch still feels a bit of a rip off.

All the more reason I’m glad I’ve already put a transfer through to Fidelity – especially with the £300 cashback 👌