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  • FIRST POST
    • Rob749
    • By Rob749 11th Aug 18, 4:54 PM
    • 37Posts
    • 2Thanks
    Rob749
    Hargreaves Lansdowne Financial Advisor
    • #1
    • 11th Aug 18, 4:54 PM
    Hargreaves Lansdowne Financial Advisor 11th Aug 18 at 4:54 PM
    Has anybody any experience of using HL's own financial advisors, I know they are restricted and not independant, I understand that. I have also spoken to 2 IFA's, which offer a similar service for higher cost, but obviously face to face contact.

    I had the initial 2 hour chat with one of them recently, about advice on investing about 80000. I already use HL as I have self investments in funds but on a much smaller scale (15000), which are doing ok, and I am quite happy to use them, even though I know there are cheaper platforms out there. Judging by the chat we had, it all sounds very reasonable, and the charge is only 1%, plus the normal fund and platform charges obviously.

    I'm not too confident about investing the higher amount myself and would prefer some advice, but also be able to manage it myself, once the investments are set up to the sort of goals I want to achieve for the next 5 - 10 years.

    I recently retired aged 70, which is how this money has become available to me. Anyone used this service at all? Any feedback gratefully received.
Page 1
    • dunstonh
    • By dunstonh 11th Aug 18, 5:42 PM
    • 96,099 Posts
    • 63,907 Thanks
    dunstonh
    • #2
    • 11th Aug 18, 5:42 PM
    • #2
    • 11th Aug 18, 5:42 PM
    Has anybody any experience of using HL's own financial advisors, I know they are restricted and not independant, I understand that. I have also spoken to 2 IFA's, which offer a similar service for higher cost, but obviously face to face contact.
    The HL cost and average IFA cost is broadly similar. IFA platforms are cheaper than HL's platform. If you are not happy with the cost of the other two then shop around. However, with 80k, you are at the lower end of what many IFAs will have as their target market. Some have 250k minimum or more and will price themselves high for smaller investors on purpose as they dont really want you.
    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.
    • OldMusicGuy
    • By OldMusicGuy 11th Aug 18, 8:50 PM
    • 677 Posts
    • 1,426 Thanks
    OldMusicGuy
    • #3
    • 11th Aug 18, 8:50 PM
    • #3
    • 11th Aug 18, 8:50 PM
    I used HL's advisory service and was very happy with it. All my funds were already with HL or being moved to it, so I wasn't worried about the lack of "independence". I still have all my money with HL.

    The biggest issue was me. The adviser was very good, did what I asked, very easy to work with and understand. The problem was I was too conservative in my risk profile for where I was in my retirement planning. But I had not educated myself enough to give the adviser better instructions.
    • cogito
    • By cogito 12th Aug 18, 7:49 AM
    • 3,884 Posts
    • 11,115 Thanks
    cogito
    • #4
    • 12th Aug 18, 7:49 AM
    • #4
    • 12th Aug 18, 7:49 AM
    Just be wary of putting money into HL's own funds or some of their Wealth 150 funds. The former is a good way of increasing charges at the expense of returns and some of the Wealth 150 funds are real dogs.
    • OldMusicGuy
    • By OldMusicGuy 12th Aug 18, 9:52 AM
    • 677 Posts
    • 1,426 Thanks
    OldMusicGuy
    • #5
    • 12th Aug 18, 9:52 AM
    • #5
    • 12th Aug 18, 9:52 AM
    Just be wary of putting money into HL's own funds or some of their Wealth 150 funds. The former is a good way of increasing charges at the expense of returns and some of the Wealth 150 funds are real dogs.
    Originally posted by cogito
    The goods news is that the HL advisor never mentioned the HL managed funds to me. I agree that these seem expensive for what they are. He built a multi-fund portfolio of mainly active funds based on my risk profile.

    I can't tell if all the funds recommended to me were on the 150 list, I don't recall him saying he would only use funds on that list but he might have done. But the risk with any IFA is that they may favour certain funds based on their own biases. However, I think it's a valid question to ask any HL financial advisor - will they only select Wealth 150 funds or will the look at the entire portfolio of offerings available on the HL platform? If the former, they are effectively acting as a sales agent.

    I didn't know enough at the time to ask that question btw.
    • dunstonh
    • By dunstonh 12th Aug 18, 12:17 PM
    • 96,099 Posts
    • 63,907 Thanks
    dunstonh
    • #6
    • 12th Aug 18, 12:17 PM
    • #6
    • 12th Aug 18, 12:17 PM
    But the risk with any IFA is that they may favour certain funds based on their own biases.
    I doubt there would be bias. However, investing is about opinion. 100 advisers will give you 100 different outcomes on investment choice. Same as 100 experienced DIY investors.

    Very often, you find 2 or 3 funds meeting your research criteria and any of them would be fine. So, you may pick on that you feel is a preference.

    One key thing. If you fall out with your IFA, you can easily appoint a new IFA to your investments at no cost. No need to sell or do anything. Your HL adviser is tied and a replacement IFA would have to move the investments and platform.
    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.
    • Rob749
    • By Rob749 12th Aug 18, 12:36 PM
    • 37 Posts
    • 2 Thanks
    Rob749
    • #7
    • 12th Aug 18, 12:36 PM
    • #7
    • 12th Aug 18, 12:36 PM
    Thanks for all the info everyone. I already have some money invested in HL's own funds and they are doing really well, even taking into account the higher charges associated with them, some Wealth150 funds as well.

    I did ask the question about whether they would be all HL or Wealth 150, and he said they wouldn't necessarily be those, and would look at all the funds on offer, and take into account my goals and risk profile, but they are the funds that HL think are the best buys - his words, not mine.

    I think personally, that there probably would be a bias towards their own, and their recommended funds, which would be only natural, as they are not IFA's, but I haven't a big problem with that, and if I don't like it, I can always swap things around in the future, when I have more confidence in myself. Fortunately, I do have a few years experience in investing with HL, and I'm very happy with them, just not investing with that larger amount of money.

    I do realise about the charges, and will ask more questions before going ahead.
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