Outrageous pricing from Hargreaves..move to The Share Centre
While fund managers have been heavily criticised for their 'seemingly' high management fees, at least they were being rewarded for actually trying to add value to the investment process, at least most of the time! Today's pricing update from Hargreaves Lansdown for acting as a glorified filing cabinet looks outrageous!
Hargreaves has announced a new annual fee for holding funds of 0.45% for portfolios of up to £250k; between £250k and £1m this drops to 0.25%; from £1m to £2m this falls to 0.1% and for accounts of over £2m there is no charge. These charges are tiered so, a charge of 0.45% is applied to the first £250k, 0.25% to the next £750k up to £1m and 0.1% thereafter up to £2m. They have also introduced quite a few smaller charges too, such as, Corporate Action that requires an instruction £10.00+VAT and probate valuation of £30 per stock HL…