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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hargreaves Lansdown Plc | HL. | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 8.00 | 1.08% | 749.80 | 16:35:02 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 749.80 | 744.80 | 759.00 | 749.80 | 741.80 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 14/4/2024 08:53 by lomax99 W rumbles on, with the FCA turning their attention to W:Last Thursday the FCA accused Woodford and his firm Woodford Investment Management (WIM) of a string of failings that led to the collapse of his £10 billion investment empire. The regulator sent a warning notice in February to Woodford and WIM, which said they had failed to maintain an appropriate liquidity profile for the flagship fund and made “unreasonable and inappropriate investment decisions”. However they are not looking at anyone else: The FCA also confirmed that it was not investigating any other parties in relation to the fund’s failing, which suggests it will not pursue the investment platform Hargreaves Lansdown over its role in promoting the fund to retail investors like the Duffields. Time for the AC to put up or shut up…… |
Posted at 16/3/2024 14:42 by sunshine today Sunshine Today - 22 Feb 2022 - 08:42:30 - 1637 of 2694 HL. - HL.I for one are extremely happy I have been proved correct This was my experience 3 years ago. Having read the posts on this site over the last few months here are my views on HL. Most highlight just how bad they have treated clients. I put it to you: Warning bells should be ringing loud and clear, if a FTSE 100 company is constantly getting these exceptional poor ratings on an open review forum. 58% of clients rate HL BAD or POOR First please read my original post in 2018. They have since forced me to close my account . ! HL don’t care one tad about their customers, in my view. They have over one million clients picked up over the years, through slick marketing and the fact the competition from the banks has always been so dire. HL make massive profits off the back of clients most of which, ( but not all ) have little understanding of investment. I see even an article written just today, by themselves, encouraging investors to buy on the dips. ( They don’t want redemptions, at all costs, as lower FUM equals lower profits. These profits are 65P for each pound of fee income, unheard of margins within the sector. I believe their greed and very poor customer service will be their downfall, as those that got sucked in over the last ten year bull market suddenly see, their investments can go down the pan, in a market downturn. //////////////////// Investors were warned here in July 2018 when the stock traded at £20.00 plus. |
Posted at 02/3/2024 20:02 by lomax99 IC: Hargreaves Lansdown HL. 765p ASSET MANAGERS & CUSTODIANSThe pronounced jump in Hargreaves Lansdown's (HL.) half-year revenues largely related to net interest earned from cash kept in customer savings accounts. It's an issue that has attracted criticism from investors and regulators alike.Dan Olley, the trading platform's chief executive, revealed that it "closed the period with cash [held in investment accounts] at 8.5 per cent of assets under administration", representing a reduction of £1.0bn through the period as clients redirected money. Olly said management expects this trend to continue as clients "put their cash to work" with platform capital "on a glide path to c£11.5bn," from £12.1bn on 31 December. The group increased the options open to clients by launching a cash individual savings account (Isa) last year and its first multi-bank cash Isa in January 2024.Leaving aside the interest dynamics, assets under management have increased by 6 per cent since midway through 2023 to £142bn, although net new business fell back compared with the prior year. Investor sentiment has waxed and waned depending on geopolitical impacts and the cost of living squeeze, hence the parallel increases in both gross inflows and outflows.The interim figures garnered a negative response from the market amid concerns over the net interest issue. The client retention rate fell by 110 basis points to 91.6 per cent and there were also mixed messages on the cost base through the remainder of the year. But the long-term structural opportunities open to the platform is reflected in the addition of 20,000 new clients, taking the total base to 1.82mn. On balance, we think that the forward rating of 12 times consensus earnings represents a viable entry point given an implied full-year dividend yield pushing 6 per cent. Buy. |
Posted at 01/3/2024 19:57 by dickbush BloombergJeremy Hunt Turns to Retail Investors to Save the UK Market One proposal to revive the fortune's of an ailing stock market is a British ISA that incentivises investing in domestic stocks. That would help: Additional ISA contributions Additional trading in the UK market Additional demand for HL as a UK share. |
Posted at 15/12/2023 13:25 by ochs Despite the outcome of the vote, the RGL Group, the only claimant investor group to also sue Hargreaves over the scandal, promptly urged all Woodford investors who invested via the platform to join its action group."Now that the scheme result appears likely, subject to any upheld substantive challenge at the sanction hearing, the RGL Group intends to press on with the claims against the FTSE-100 platform provider," it stated. Strangely we'll be FTSE 250 from Monday, which is probably not helping the share price today. |
Posted at 05/12/2023 07:08 by stoopid Both articles suggest that class actions against HL and other companies could be blocked if investors vote for the FCA payment scheme.Lawyers are saying people would get more back if investors litigate. FCA and others point out it could be many years before any recovery of funds if the deal isn't voted for etc... |
Posted at 02/11/2023 21:46 by giltedge1 IC comment today on HL, I have taken highlights.Talk about missing the wood for the trees. Investme |
Posted at 19/10/2023 16:03 by lomax99 FT a couple of days ago. The banks are the real shockers!Investment platforms under scrutiny over interest paid on customers’ cash FCA to focus on the issue under new consumer duty requirement to provide fair value Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at Investment platforms are facing scrutiny from the financial regulator over the amount of interest they pay on customers’ cash deposits as they reap rewards from soaring rates. DIY trading platforms including Hargreaves Lansdown and AJ Bell have reported bumper profits in recent weeks despite clients making fewer trades and holding smaller asset portfolios, with the windfall largely driven by interest paid by banks where they deposit customers’ money. The Financial Conduct Authority last month wrote to platforms’ chief executives to notify them of its “immediate focus” on their retention of money made from interest payments as part of its new consumer duty policy that requires financial services businesses to provide “fair value” to customers. The move follows an investigation into high street banks in July over accusations they were “profiteering& Retail investment platforms have struggled to attract new business this year as the cost of living crisis leaves investors with less money to play with. They are also being hit by a long-term shift from actively managed assets to passive index funds and competition from cheaper upstart platforms and “robo advisers”, which provide automated financial guidance. However, the so-called fund supermarkets have still benefited from money generated on clients’ deposits. Platforms lend client deposits to banks at the sterling overnight index average rate and pay out a lower interest rate to clients, keeping the difference between the two. For example, an investor who holds £20,000 of uninvested cash in an ISA wrapper on AJ Bell can expect an annualised interest payment of 2.2 per cent (£440), while the platform could earn £1,040 interest on the money at the current rate of 5.2 per cent. AJ Bell said it managed cash “over the long term using a range of terms and interest rates .&thins Hargreaves Lansdown last month beat analysts’ expectations with a bumper set of results after its net interest income for the previous 12 months hit £270mn, up from £50mn the year earlier. The average amount of cash across the year in its investment accounts was £14bn, only slightly up from £13.6bn the year before. Holly Mackay, founder of consumer financial website Boring Money, said that by extrapolating from Hargreaves’ figures it was not “unreasonable to estimate” that the investment platform sector made roughly £690mn over the 12-month period from interest paid by banks on its customers’ cash. AJ Bell said its “recurring ad valorem revenue” — its interest margin plus a 0.25 per cent custody fee on customer assets — was £75mn in the six months to March 31, up 78 per cent on a year earlier. Interactive Investor, which is owned by Abrdn, recorded a £66mn interest rate margin in the first half of 2023, almost half of the group’s operating profit for the period. The industry has defended its actions, highlighting that customers only hold money on its platforms for short periods and that companies typically pass on most of the benefits of rate rises while keeping customer cash immediately available. “Over 85 per cent of the benefit of base rate rises during the past 12 months has been passed on to clients,” said Hargreaves Lansdown, adding that customers who use its “active savings” products were able to access the top rates offered by high street banks. Interactive Investor said its cash rates were “highly visible” on its website, noting it “continually assesses treatment of interest on cash”. “There can be plenty of circumstances where customers may maintain higher cash balances in the short term,” it added. “We think it is thought-provoking, given we are fundamentally an investment platform, that our rates do not compare unfavourably with many instant-access bank savings accounts.” Analysts from investment bank RBC noted in September that although earnings had been meaningfully higher at the publicly listed investment platforms, their share price slide had continued. “We have concerns that bloated revenues from this source might make profit growth more challenging as/when interest rates do eventually taper,” they wrote, noting there was also risk from regulation as the issue garners wider attention. Hargreaves Lansdown’s share price is down 12 per cent this year while AJ Bell’s has fallen 28 per cent. Abrdn, of which Interactive Investor is just one business segment, is 13 per cent lower. Frederic Malherbe, director of UCL’s Centre for Finance who has previously called for banks to be compelled to pass on the benefits of interest rate rises to savers, welcomed the FCA’s attention on the matter. “Together with some pressure to make transfer of funds in and out the platforms easier, this can only increase the competitiveness of the deposit market in the UK,” he said. “The lack thereof has cost enough to savers in the past 12 months.” The consumer duty, a standard by the FCA, came into force on July 31 this year and requires asset managers, banks and other companies to prove that they have acted fairly and transparently and delivered “good outcomes” for customers. |
Posted at 14/7/2023 10:27 by lomax99 MoneyWeek have them as a buy in this weeks edition:Hargreaves Lansdown is a buyIn May, Hargreaves Lansdown (HL) reported annual revenue growth of 28% to £188m for their third quarter (to 31 March 2023). That growth comes as HL refrains from passing on the benefit of rising interest rates to clients holding cash in their accounts, which has more than offset the impact of reduced trading volumes as the FTSE and Aim markets lag well behind the performance of their US counterparts.It remains unclear how sustainable the windfall profits from rising interest rates are. Wise, the currency trading platform, has already said it will share the benefits with customers.HL was founded more than 40 years ago by Peter Hargreaves and Stephen Lansdown, who still own 32% and 20% respectively of the shares capital, despite stepping back from day-to-day operations. Institutions that own the shares include Lindsell Train with a 12% stake and Baillie Gifford with 5%.HL recently reported £132bn of assets under administration (AUA), which equates to a 42% market share of self-directed investors. Management expects the self-directed market to grow to £466bn by 2026 and also sees a broader opportunity in the wealth management area, which it expects to grow to £4trn by 2026. It points to the shift from defined-benefit to defined-contribution pensions, increasing numbers of investors and a recovery in markets as structural tailwinds. The business is investing in technology to try to capture some of this opportunity. HL is proud of its data-driven insights, which include a "diversification nudge" to let clients know if their portfolio appears overly concentrated. It is also investing in cloud-enabled advanced analytical tools. The business has more than 1.7 million clients, implying revenue per client of £420. AJ Bell and Interactive Investor both report slightly higher revenue per client: £455 and £435 respectively.These two direct rivals tend to attract clients with larger balances thanks to their charging structure. HL reports that client retention currently stands at above 92%, so although revenue is not contractually recurring, customer relationships tend to be sticky, as switching platforms can be an administrative headache. HL shares are down by about two-thirds since their mid-2019 peak of £24 per shares. They are on 13-times forecast earnings with a forecast dividend yield of 5.7% for the year to 30 June 2024. HL's market value is 2.8% of AUA, which is a premium to the 1.9% of AUA that AJ Bell trades at.The upshot? I bought the shares a couple of months ago. At the current valuation, investors don't seem to believe that the new CEO or the current IT expenditure will enable HL to take market share from the more traditional wealth managers. Yet the core strategy of providing a low-cost platform to self-directed investors has shown itself to be a higher-margin business and has plenty of opportunity to grow, in my view. |
Posted at 07/9/2022 11:11 by imastu pidgitaswell Not currently holding, but seeing some signs (no confirmation - that will be after the fact) of a bottom - maybe not in HL. which has some big issues imho, but across the wider market.Stuff like this (see article below) matters - there has been a large withdrawal of fund since February by investors and therefore a liquidity crunch. That level of net withdrawal of funds is unprecedented in recent times. The millions that wanted to sell will generally have done so, at prices far higher than current ones - and if selling dries up, then...: The flood of retail investors pulling money out of funds slowed to a trickle in July, according to the latest industry-wide figures. Net sales of funds, defined as sales minus redemptions, measured a negative £129 million for the month, compared with a negative £4.5 billion in June. Falls in equity and bond markets have dampened the appetite to invest, with retail investors pulling money out in every month except April, which is the key month for Isa activity. Chris Cummings, chief executive of the Investment Association, which compiles the figures, said that “the significant outflows we saw in June softened in July”, partly because of new sales of bond funds. The investment industry usually enjoys strong inflows, attracting an average of £27 billion of net new business every year in the ten years to 2021. But the inflows have reversed sharply, amounting to more than £11 billion of net outflows so far this year. The squeeze on the cost of living also has had an effect, leaving households with less spare cash to invest or having to raid the investment pots they had spent time building up. “While we saw some improvement in July, the overall outlook remains uncertain, illustrated by the recent surge in UK government bond yields,” Cummings said. “Equity funds continue to face challenges in the current market environment as the major central banks prepare for a further round of rate rises to combat inflation.” Short-term money market funds were the bestselling fund category in the month, as investors took a “wait and see” attitude amid a period of economic uncertainty. Investors’ preference for cheap passive managers over active stockpickers was in evidence, too, as tracker funds reported a bounceback with net sales of £924 million. While retail investors showed some resilience in the month, institutional investors recorded one of the biggest months for outflows, pulling a net £9.4 billion from funds. The Investment Association numbers cover about £1.4 trillion of retail and institutional investments. |
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