Hargreaves Lansdown want to meet me

[Mr Pointy]

HL have emailed me inviting me to meet one of their 'non-advisors' to see whether I could benefit from advice. I somehow think their answer would be that I could & it will only cost me '1-2% of my portfolio value' for one-off advice.

Why should the cost of one-off advice be linked to portfolio value? Surely the difficulty depends of my age, aims & assets not just the value.

[Ginge R]

Pistonheads Pandora’s Box! Are they suggesting that the advice will cost 1-2%, or will the fund and functionality be more, on top of that?

[Derek Chevalier]

Mr Pointy said:

HL have emailed me inviting me to meet one of their 'non-advisors' to see whether I could benefit from advice. I somehow think their answer would be that I could & it will only cost me '1-2% of my portfolio value' for one-off advice.

Why should the cost of one-off advice be linked to portfolio value? Surely the difficulty depends of my age, aims & assets not just the value.

I don't think they are offering just a piece of one off advice for 1-2%. It will most likely include costs for implementation which will then lead to ongoing costs for "managing your money" with you as a client.


You should be able to find a financial planning firm that will create you a one off financial plan if that's what you are looking for.

[JulianPH]

Mr Pointy said:

HL have emailed me inviting me to meet one of their 'non-advisors' to see whether I could benefit from advice. I somehow think their answer would be that I could & it will only cost me '1-2% of my portfolio value' for one-off advice.

Why should the cost of one-off advice be linked to portfolio value? Surely the difficulty depends of my age, aims & assets not just the value.

Hi mate

A friend of ours lost his Dad last year and asked me if I could chat to his Mum about their investments with HL.

Turns out his Dad was basically managing a very sizeable portfolio of individual shares and bonds on the HL platform (which is very low cost for such holdings) and before he died had told his wife (my mates Mum) she would need to move everything into a managed fund as he would (obviously) not be their to manage it himself any more (he was exceptionally good at this too).

The HL adviser turned up and they were not impressed. He recommended moving the whole amount into an HL managed portfolio (quite possibly one of the most expensive options on the HL platform) which when combined with the higher platform fee for holding this increased the annual fees by c. 10,000% (yes, you read that right) with his advice fee on top of this.

So tread carefully!

[Tresco]

Derek Chevalier said:

I don't think they are offering just a piece of one off advice for 1-2%. It will most likely include costs for implementation which will then lead to ongoing costs for "managing your money" with you as a client.


You should be able to find a financial planning firm that will create you a one off financial plan if that's what you are looking for.

Derek, do firms offer a service that run a slide rule over one's own financial plan and make recommendations outside of "we'll manage your money better"?

I'm really looking for "You've overlooked this or not considered this" rather than on-going advice.

[Derek Chevalier]

Tresco said:

Derek Chevalier said:

I don't think they are offering just a piece of one off advice for 1-2%. It will most likely include costs for implementation which will then lead to ongoing costs for "managing your money" with you as a client.


You should be able to find a financial planning firm that will create you a one off financial plan if that's what you are looking for.

Derek, do firms offer a service that run a slide rule over one's own financial plan and make recommendations outside of "we'll manage your money better"?

I'm really looking for "You've overlooked this or not considered this" rather than on-going advice.

Yes, you should be able to find a financial planning firm that is able to do that. If you look at the IFA pension charges thread there was a discussion about what you may expect.


https://www.pistonheads.com/gassing/topic.asp?h=0&...

[Tresco]

Derek Chevalier said:

Yes, you should be able to find a financial planning firm that is able to do that. If you look at the IFA pension charges thread there was a discussion about what you may expect.


https://www.pistonheads.com/gassing/topic.asp?h=0&...

Thank you, I'd read that and promptly forgotten!