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Hargreaves launches 'Simply Invest' for first-timers

Simply Invest service targeted at first-time investors will place money with FTSE All-Share tracker carrying 0.04% charge.

Hargreaves launches 'Simply Invest' for first-timers

Hargreaves Lansdown is targeting first-time investors with the launch of its Simply Invest service, which will place their money in a FTSE All-Share tracker with annual charges knocked down to 0.04%.

The online stockbroker has secured a further discount to charges on the Legal & General UK Index fund, in which Simply Invest customers will be invested.

The 0.04% charge represents a further cut to the 0.06% cost of investing in the fund on Hargreaves, itself a discount on the 0.1% charge for investors holding it on other platforms. 

The new discount will apply to all investors holding the fund on Hargreaves, not just users of the Simply Invest service.

However, the 0.45% additional charge to hold the fund on the Hargreaves Lansdown platform represents the bulk of the cost to the investor.

The service for first-time investors will also feature monthly tutorial emails to build investor knowledge.

Danny Cox, chartered financial planner at Hargreaves, said the service was 'specifically designed for those who are new to investing'.

‘Our Simply Invest services makes investing in the stock market easy for first-time investors, while helping them build their knowledge and confidence,' he said.

Cox said it made sense for first-time investors to put money into their ‘home market’ to start and ‘the UK stock market has plenty of international exposure within it, so is well diversified’.

‘By simply investing in a low-cost tracker fund, they can get valuable long-term exposure to the market without any further ado,’ he said.

‘As with anything, the first time you do something is probably the hardest, and as rookie investors grow in confidence they can be expected to branch out into other passive and active funds, and possibly even individual shares.’

2 comments so far. Why not have your say?

Law Man

Apr 04, 2018 at 17:26

The L&G tracker (OEIC) is probably cheaper for new investors making monthly contributions, as there is no dealing charge on each monthly purchase.

Once you have accumulated over a minimum total (£10,000 for ISA, £44.444 for SIPP) you may do better to buy an ETF FT100 ETF at 0.07% p.a.) to avoid the HL charge of 0.45% p.a.

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Apr 04, 2018 at 21:29

Why not a global tracker at least... talk about baptism of fire.

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