as of 25/02/2021 at 11:59 am
Customers choose Hargreaves Lansdown for drawdown out of convenience, and wanting a well-known, reputable provider, and of course for their famous customer service. Setting up is straightforward, and their online journey is praised, noted as being “worth paying for”.
The biggest and most established of them all, Hargreaves Lansdown looks after over £100bn of investors’ money. Providing a one-stop-shop for shares, mutual funds, ETFs, investment trusts and cash, these guys know their stuff. The phone service is quick, staff are very well trained and it's just good. If you need help look out for their "multi-manager funds" which are decent pre-packaged options, just very pricey.
HL do support investors with regular articles on topical news and offer advanced research options on the platform. One particularly nuanced and useful feature is allowing the end investor to see every single holding in a fund, alongside its weighting and sector – instead of just the Top 10 holdings which most platforms provide. The opportunity to sink your teeth into the nitty gritty elements of investing as well as kick back and let someone else do the hard work for you is welcome.
At 0.45% for admin, plus investment charges, expect to pay about 1.2% all-in. If you’re happy to pay for good service, it’s still fair value. Just not the cheapest. Having said that, lots of people in the finance industry use it as they know it just works. It's a bit like Ocado. Good website, prompt service, polished, tasty, convenient, pricey.
There are no additional fees to set up drawdown.
The largest platform for investors, administering over £80bn.
|Minimum amounts:||£100 minimum lump sum contribution
£25 minimum monthly contribution
"I currently have my children's Stocks & Shares ISA's with H&L however I am not that savvy with investing so I am thinking of moving it over to Wealth Simple and allowing them to do it for me. Would you recommend this or are there other roboadvisors you would suggest? I am happy to leave the money in long term until they are about 18 so looking at an 'ambitious' risk. I also have the same account with H&L and will potentially swap also."
12/10/2020Read our reply
"Good day, If I were to invest with A J Bell or Hargreaves Lansdown in a self select Stocks & Shares ISA and they were to 'go bust', what would happen to my investment? Thanks."
David, County Down
28/07/2020Read our reply
"I'm a newbie investor looking for a SIPP. I see AJ Bell have low fees compared to Hargreaves Lansdown. Is it worth the lower fees even though there are exit charges, or pay the higher Hargreaves Lansdown charges, but have no exit fees?"
20/04/2020Read our reply