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    • DennisTenus
    • By DennisTenus 19th Oct 17, 2:42 PM
    • 147Posts
    • 14Thanks
    DennisTenus
    Opinions/Experience with Hargreaves Lansdown?
    • #1
    • 19th Oct 17, 2:42 PM
    Opinions/Experience with Hargreaves Lansdown? 19th Oct 17 at 2:42 PM
    Hi,

    I recently opened a S&S ISA with them and put a little bit of money in it to try it out. Was going to transfer my Cash ISA until I noticed the terrible reviews at trustpilot .. can't post link as i'm a new person here

    Quite worried/shocked now!

    What are people's opinions/experience of them?

    Seems a lot of people don't have problems until they try to leave.... the other main complaint is the charges but even if I had 100K it would only cost 450 a year, is that a lot considering how much that amount should make?! Am i missing something?

    I'm only really interested in investing in funds so what would be cheaper alternative? I've seen people mention iweb ... is that this iweb-sharedealing ? Website doesn't seem anywhere near as professional, still it's not the most important thing i guess!

    Thanks
Page 3
    • DennisTenus
    • By DennisTenus 1st Nov 17, 3:09 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    My recommendation to the OP is don't get to hung up on saving 0.2% on fees after all leaving that cash of yours in a cash isa for the last couple of years, probably cost you around 100x as much, compared to having put it in something like VLS80 (a fund very frequently recommended to investors like youself on this forum)
    Originally posted by pip895
    Exactly, it's not a major issue but I do want to transfer my cash ISA to a S&S ISA with lower fees given it's value. I'm still not sure where though. HL is very easy to use and understand.

    Surprised you suggest VLS80 .... there's another thread I've seen on this forum which goes on for pages and pages where people seem to not be very happy with them! I know there is always some people not happy but that seems to be the general consensus.
    • DennisTenus
    • By DennisTenus 1st Nov 17, 3:11 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    The fees are acceptable to me right now, the difference between paying 0.45% and 0.25% is not worth the hassle of changing, I am a long way off the point where it would make me change.

    I have their LISA and also S&S ISA.

    Other than that I do like their platform.

    On the downside, they are atrocious for shares/ETFs, the fees are out of this world. I learned my lesson and use Degiro instead.
    Originally posted by snowqueen555
    Just use Degiro for shares and ETFs? And HL for funds?
    • DennisTenus
    • By DennisTenus 1st Nov 17, 3:15 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    If you think they're useful, there's a cunning way to get access to HL's tools without paying HL's prices. That's have two accounts.

    Let's say you have 100K. You can have 10K at HL and 90K at iWeb. You can use HL's website for research, their spam valuable newsletters for education, their pretty portfolio tools for analysis, etc. Every time you make a trade you do the same trade at HL and at iWeb.

    At iWeb a trade will cost 5, at HL it'll be free. HL will cost 45 per year while iWeb has no annual fee. Compare that with having the whole pot at HL which will be 450 per year. 405 difference buys you a whole lot of 5 trades. It's akin to buy sample products to taste at Waitrose and then buying a pallet of the ones you like at the cash and carry.

    If you don't like iWeb, the scheme works for any other cheaper broker.
    Originally posted by Plus
    Exactly what I'm planning to do.... just got to decide on the home for the bigger pot from my cash ISA... is there plenty of funds at iWeb or just shares / ETFs?

    I dont get why Halifax have got iWeb when they have their own branded share dealing sites etc? Or did they buy iWeb at some point? or is it just to have another product of the same thing but under a different brand?

    Funnily enough I've not got any newsletters / spam from HL at all ... yet!
    • Chordeiles
    • By Chordeiles 1st Nov 17, 7:10 PM
    • 103 Posts
    • 50 Thanks
    Chordeiles
    I dont get why Halifax have got iWeb when they have their own branded share dealing sites etc?
    Originally posted by DennisTenus
    It's only like the difference between Austin, Morris, Wolseley, and Riley. Same basic product, different bells and whistles (but not much). So with Halifax you get Halifax Sharedealing, Bank of Scotland Sharedealing and iWEB. Some (very subtle) differences.

    Me, I had my fill of Halifax and the way they worked after having a few mortages with them. Even after I gave up on them I still had to deal with them on my Mum's behalf as she was blind to their faults, even though every new savings account she opened was relegated to a pathetically low-yielding "historic" account just after she opened it.

    I did actually try their online sharedealing service in the very early days. They obviously weren't prepared to pay for bandwidth, it was so slow as to be unusable. Not much changes over the years, this evening iWEB seems to be up but the other two are unreachable.
    • DennisTenus
    • By DennisTenus 7th Nov 17, 12:34 AM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    Just came across M&G investments... anyone used them?

    For some reason I can't find their costs which is a bit of a problem unless I'm being blind!!
    • Superscrooge
    • By Superscrooge 7th Nov 17, 12:00 PM
    • 1,069 Posts
    • 766 Thanks
    Superscrooge
    My first investment fund was 'M&G index tracker' which I held for many years until cheaper trackers became available. Never had a problem with them, Account admin and customer service very good.

    They don't charge any extra if you hold M&G investments directly with them, rather than on a separate platform. But they are not a platform provider like for example Fidelity or Hargreaves Lansdown. They only deal with M&G funds.
    • Alexland
    • By Alexland 7th Nov 17, 12:14 PM
    • 2,248 Posts
    • 1,636 Thanks
    Alexland
    Yup the M&G Index Tracker currently at 0.46% was one of my first investments too. It added about 3k to my first property deposit if I remember rightly. On reflection they could have called it the UK tracker to make it clearer it was not a global fund. And holding some of your house deposit in 100% equities is a bit risky.

    Still a 70/30 balanced mix of the M&G Index Tracker and M&G Optimal Income currently at 1.41% fund (for bonds it might be worth paying for expertise) in an M&G ISA would be a good investment and less currency sensitive than many popular global mixed asset funds. And the weighted fee would be only slightly more expensive than holding VLS60/80 on HL.

    Ps. the fees on the fund pages on the M&G site look clear.

    Alex
    Last edited by Alexland; 07-11-2017 at 12:23 PM.
    • DennisTenus
    • By DennisTenus 7th Nov 17, 6:23 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    My first investment fund was 'M&G index tracker' which I held for many years until cheaper trackers became available. Never had a problem with them, Account admin and customer service very good.

    They don't charge any extra if you hold M&G investments directly with them, rather than on a separate platform. But they are not a platform provider like for example Fidelity or Hargreaves Lansdown. They only deal with M&G funds.
    Originally posted by Superscrooge
    Ah I see so similar to Fundsmith for example?

    Yup the M&G Index Tracker currently at 0.46% was one of my first investments too. It added about 3k to my first property deposit if I remember rightly. On reflection they could have called it the UK tracker to make it clearer it was not a global fund. And holding some of your house deposit in 100% equities is a bit risky.

    Still a 70/30 balanced mix of the M&G Index Tracker and M&G Optimal Income currently at 1.41% fund (for bonds it might be worth paying for expertise) in an M&G ISA would be a good investment and less currency sensitive than many popular global mixed asset funds. And the weighted fee would be only slightly more expensive than holding VLS60/80 on HL.

    Ps. the fees on the fund pages on the M&G site look clear.
    Alex
    Originally posted by Alexland
    Ah I see, I was looking for the management fee like the 0.45% that HL charges?
    • DennisTenus
    • By DennisTenus 7th Nov 17, 6:41 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    Also... to be clear with iWeb, there is a 25 one off opening fee, then for each FUND (don't want to buy individual shares) I invest in it will cost me 5 ?

    And thats it... no closing fee, or yearly/monthly fees etc?
    • jimjames
    • By jimjames 7th Nov 17, 7:58 PM
    • 12,553 Posts
    • 11,187 Thanks
    jimjames
    Also... to be clear with iWeb, there is a 25 one off opening fee, then for each FUND (don't want to buy individual shares) I invest in it will cost me 5 ?

    And thats it... no closing fee, or yearly/monthly fees etc?
    Originally posted by DennisTenus
    To close you'll need to sell each fund so that's another 5 each but no yearly fees at all
    Remember the saying: if it looks too good to be true it almost certainly is.
    • DennisTenus
    • By DennisTenus 8th Nov 17, 2:29 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    To close you'll need to sell each fund so that's another 5 each but no yearly fees at all
    Originally posted by jimjames
    Ah ok, apart from the actual fund charges which would be taken at source in the same way as HL?

    Also in terms of protecting the money, if I ensure I put a bit less than 50K (to allow for accumulation) with each fund it should be protected?
    • DennisTenus
    • By DennisTenus 9th Nov 17, 9:58 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    I was just about to transfer my large cash ISA to IWeb but discovered that the FSCS compensation is only 50K per ISA S&S provider. I thought it was 50K per fund?


    Should I be concerned about this or is the possibility so remote its not worth worrying about?
    • dunstonh
    • By dunstonh 9th Nov 17, 10:51 PM
    • 92,222 Posts
    • 59,401 Thanks
    dunstonh
    I was just about to transfer my large cash ISA to IWeb but discovered that the FSCS compensation is only 50K per ISA S&S provider. I thought it was 50K per fund?


    Should I be concerned about this or is the possibility so remote its not worth worrying about?
    Originally posted by DennisTenus
    It is both of those. However, as long as you stick to mainstream unit linked funds, you shouldnt be concerned.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • DennisTenus
    • By DennisTenus 9th Nov 17, 11:06 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    Sorry what do you mean by both?

    If I invest 80k with iweb 40k in one fund and 40k in another is technically 30k at risk?
    • ColdIron
    • By ColdIron 10th Nov 17, 8:01 AM
    • 4,052 Posts
    • 5,025 Thanks
    ColdIron
    Have a read of this
    • DennisTenus
    • By DennisTenus 16th Nov 17, 1:29 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    Have a read of this
    Originally posted by ColdIron
    Thanks, I've replied on that thread.
    • Chordeiles
    • By Chordeiles 7th Feb 18, 6:36 PM
    • 103 Posts
    • 50 Thanks
    Chordeiles
    Last time I looked (earlier in 2017) Hargreaves Lansdown boasted of managing 70 billion for 876,000 clients. That makes their "average client" worth about 80,000.
    Originally posted by Chordeiles
    O.k., so HL just published a new set of results, accompanied by a new boast of client numbers and funds under management. So it's time to revisit the above calculation.

    HL now claim to be managing 86 billion for 1,015,000 clients. Thus the new "client worth" has risen to nearly 85,000. Didn't they do well ! But wait a minute, during the relevant period the stock market has risen by a lot more than that, so actually they are NOT GAINING ANY HIGHER VALUE CLIENTS. Which is exactly what one would expect from the iniquitous charging structure, of course.

    Bear in mind these latest figures were compiled before the market wobbles of recent days. And also before they finally allowed nearly half-a-million of my own funds to transfer out !

    Advice remains the same, HL will suit many investors just setting out, but for goodness sake be aware of how the charges grow as your portfolio grows !
    • DennisTenus
    • By DennisTenus 7th Feb 18, 7:53 PM
    • 147 Posts
    • 14 Thanks
    DennisTenus
    Where did you transfer yours to?
    • Chordeiles
    • By Chordeiles 8th Feb 18, 11:57 AM
    • 103 Posts
    • 50 Thanks
    Chordeiles
    Where did you transfer yours to?
    Originally posted by DennisTenus
    Alliance Trust Savings. Bear in mind that I'm on the verge of drawdown so they were cheapest when drawdown charges taken into account. But Interactive Investor and IWEB are all in the same ball-park. A lifetime of poor experiences with the Halifax brand would have steered me away from IWEB, and when I started this process Interactive Investor had a "transfer in" fee for SIPPs, which although tiny left a niggling worry whether they really wanted my business !

    If you look back up this thread you'll see that in my posts of 19th and 21st October 2017 I referred to Alliance Trust as "pretty rubbish", but in fact after a sticky start and a complaint they have subsequently been fantastic, proactively keeping me informed about what is going on and keeping Hargreaves Lansdown supplied with documents they seemed to have lost along the way. I hope to get around to posting a history of this transfer (251 days to complete !) in the thread "Hargreaves Lansdown transfer obstructions".

    Now I'm with Alliance Trust I can say I really like their platform. I was never sure why folks enthused about the HL platform, I found plenty of annoyances there, with even more weird stuff as my SIPP transferred out, like the history disappearing before I could reconcile recent transactions (charges, dividends, loyalty bonuses etc.).
    • JSMill
    • By JSMill 10th Feb 18, 8:23 PM
    • 19 Posts
    • 0 Thanks
    JSMill
    I have been using ATS for a while and I also have some US retirement funds which are invested with Charles Schwab. The reporting on ATS is by comparison to CS practically non-existent and I have to spend a lot of time printing and copying into spreadsheets - you cannot even export data to an Excel sheet nor easily track how you have done on each investment. On the other hand, it is VERY inexpensive compared to HL - I would never dream of moving to them.
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