Hargreaves Lansdown OR St James Place
Discussion
Currently have a mixture of ISAs (stocks and cash), plus some cash and stocks/shares not in ISAs, about 100k worth.
Sitting with HL at the moment, but been speaking to a IFA and the suggestion is to move everything over to St James Place.
Says cheaper fees, and better chance of increasing in value.
So, which one works for me. Any ideas.
I’d be very surprised if SJP are cheaper.
Their business model usually looks like moving it across and charging a percentage for the move and/or an additional percentage in annual fees.
Whenever I’ve been quoted to move mine in to SJP, it’s been >1% in annual fees which in my opinion is expensive.
They claim to be able to cover the increased cost because they’re better but I’m yet to see any proof.
I’ve got the majority of mine with Vanguard and pay something like 0.2% to have it in one of their market trackers / funds.
Their business model usually looks like moving it across and charging a percentage for the move and/or an additional percentage in annual fees.
Whenever I’ve been quoted to move mine in to SJP, it’s been >1% in annual fees which in my opinion is expensive.
They claim to be able to cover the increased cost because they’re better but I’m yet to see any proof.
I’ve got the majority of mine with Vanguard and pay something like 0.2% to have it in one of their market trackers / funds.
Quattromaster said:
Currently have a mixture of ISAs (stocks and cash), plus some cash and stocks/shares not in ISAs, about 100k worth.
Sitting with HL at the moment, but been speaking to a IFA and the suggestion is to move everything over to St James Place.
Says cheaper fees, and better chance of increasing in value.
So, which one works for me. Any ideas.
And then he will take 1% of everything, is that right?Sitting with HL at the moment, but been speaking to a IFA and the suggestion is to move everything over to St James Place.
Says cheaper fees, and better chance of increasing in value.
So, which one works for me. Any ideas.
Do you have an IFA at the moment? Do you need one?
d mikef said:
The bad news is that both HL and SJP are going to take your pants down. SJP right to the ankles
The good news is that with 100K it will only be for a few grand. But that few grand won’t be compounding for you
classic internet incorrect advice...The good news is that with 100K it will only be for a few grand. But that few grand won’t be compounding for you
HL fees are max £45 / annum for ETFs.
put the £100k into a global tracker e.g. HMWO and pay 0.15 fund fee + £45 platform fee (total £195) annually.
avoid SJP
I wouldn’t touch SJP with a barge pole, their fees are huge. Hargreaves Lansdown are ok but I transferred my investments to iWeb and now pay no fees at all. That’s if you’re happy making your own investment decisions. You can always stick with trackers or Hargreaves ‘Wealth’ funds if you’re not confident.
https://www.iweb-sharedealing.co.uk/
https://www.iweb-sharedealing.co.uk/
muscatdxb said:
It really annoys me how people go for financial advice from salespeople!
How people like this exist when you can buy trackers from Vanguard for 0.25% god only knows.
You don’t get any advice from Vanguard. A tracker might be an awful product for one person but perfect for another. There is often a lot more to advice than many understand.How people like this exist when you can buy trackers from Vanguard for 0.25% god only knows.
Everything I've ever heard says to avoid SJP like the plague. It doesn't take long to Google.
They sell their product/service very well which is why people with limited knowledge in the field go to them (not that I know much more!). Anecdotally I have heard more than once that their fee percentage outstrips the growth percentage, so, if true, your pot is decreasing every year that happens. Others above have already mentioned the hefty in/out fees.
I have very limited knowledge of HL other than that my FiL has lost money with them in the past, but I believe some of that was in no small way associated with their relationship with a certain Mr Woodford. Don't know the detail.
They sell their product/service very well which is why people with limited knowledge in the field go to them (not that I know much more!). Anecdotally I have heard more than once that their fee percentage outstrips the growth percentage, so, if true, your pot is decreasing every year that happens. Others above have already mentioned the hefty in/out fees.
I have very limited knowledge of HL other than that my FiL has lost money with them in the past, but I believe some of that was in no small way associated with their relationship with a certain Mr Woodford. Don't know the detail.
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