Hargreaves Lansdown SIPP Review – An Honest Review

by | Jan 29, 2024 | SIPP Reviews

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In this comprehensive Hargreaves Lansdown SIPP review, we delve into the features, pros, cons, and costs of Hargreaves Lansdown’s SIPP for UK retirement savers. 

Hargreaves Lansdown is one of the most popular financial services companies in the UK, known for its wide range of investment products and services. 

With their self-invested personal pension (SIPP) offering, they aim to provide flexibility and investment options for individuals planning for their retirement.

Key Takeaways:

  • Hargreaves Lansdown’s SIPP offers a wide range of investment options, including stocks, shares, investment trusts, and funds, giving retirement savers the opportunity to diversify their portfolios.
  • The platform’s website and mobile app are user-friendly and provide easy access to account management, research tools, and trading capabilities.
  • While the fees charged by Hargreaves Lansdown may be higher compared to some competitors, they are justified by the quality of service, user experience, and the wealth of information provided.
  • Customer reviews highlight the excellent customer service received from Hargreaves Lansdown, making it a standout feature for many users.
  • Pension savers have various options for accessing their funds, including drawdown, annuity, lump sum, and mix and match, with the support of Hargreaves Lansdown’s customer service and financial advice.

Who is Hargreaves Lansdown?

Hargreaves Lansdown is a renowned ISA provider, fund supermarket, financial services company, and investment platform in the UK.

Founded in 1981 by Peter Hargreaves and Stephen Lansdown, the company has grown to become a FTSE 100 company and manages over one million client share accounts worth over £105 billion in assets.

Hargreaves Lansdown offers a wide range of services for traders at various stages of financial planning. 

Their investment products include Stocks and Shares ISA, Lifetime ISA, Junior ISA, Investment Trusts, Fund and Share Account, Wealth Management, and more. 

They also provide pension products like SIPP (Self-Invested Personal Pension) and Junior SIPP, as well as savings products such as their Active Savings Account.

One of the advantages of trading shares with Hargreaves Lansdown is their ability to negotiate fund discounts on behalf of their customers, providing good value on the fees paid per unit. 

The company also offers a comprehensive selection of investment options, including stocks listed on the London Stock Exchange, the Canadian stock market, the European stock market, corporate and government bonds, ETFs, unit trusts, and investment trusts. 

Additionally, they provide investment advice and have won awards for their Stocks and Shares ISA and SIPP products.

Investment ProductsPension ProductsSavings Products
Stocks and Shares ISASIPPActive Savings Account
Lifetime ISAJunior SIPP 
Junior ISAAnnuities 
Investment TrustsPension Drawdown 
Fund and Share Account  
Wealth Management  

Hargreaves Lansdown Investment Advice

Hargreaves Lansdown offers its customers human investment advice at a cost of between 1 and 2% of their portfolio. Their customer help desk is available to provide guidance on investment options and offer support when needed.

Hargreaves Lansdown SIPP Review

With Hargreaves Lansdown’s SIPP, individuals can choose from various investment opportunities, including exchange-traded funds, stocks, shares, investment trusts, and funds. 

This flexibility allows pension savers to tailor their investment portfolio according to their financial goals and risk appetite.

Hargreaves Lansdown SIPP Investment Options

Investment OptionsDescription
Exchange-Traded Funds (ETFs)Diversified exposure to various asset classes and sectors
Stocks and SharesInvestment in specific companies
Investment TrustsManaged investment vehicles providing diversification
FundsAccess to actively managed and passive index funds

Ease of Use

When it comes to ease of use, Hargreaves Lansdown’s website may require a certain level of pre-existing knowledge, but the overwhelming majority of customer reviews highlight the exceptional customer service offered by the company. 

The website is very product-focused and may not be the most intuitive for customers who are new to investing. 

However, once customers become familiar with the navigation and layout of the site, it is quick and easy to navigate.

Hargreaves Lansdown’s website provides a wealth of supporting information and calculators, which can be helpful for pension savers looking to make informed investment decisions. 

The architecture behind the scenes is cleverly designed, and the site always works smoothly. 

The customer service provided by Hargreaves Lansdown is praised by reviewers, with the company’s staff being described as helpful and knowledgeable.

In terms of customer support, Hargreaves Lansdown offers a dedicated helpdesk that is available by phone. 

Customers report quick response times and no long holds when contacting the customer service team. 

The company also provides human investment advice at an additional cost, which can be beneficial for those who require guidance on their investment options.

ProsCons
– Clever architecture and quick navigation– Website may require pre-existing knowledge
– Wealth of supporting information and calculators– Some customers find fees to be high
– Exceptional customer service– Tiered transaction costs for shares

Customer Reviews

Customer reviews of Hargreaves Lansdown consistently praise the company’s customer service and the ease of using the website once customers become familiar with it. 

The positive feedback regarding exceptional customer service is a testament to the company’s dedication to providing support and assistance to its clients. 

However, some customers do highlight that the website may require a certain level of pre-existing knowledge, which could pose a challenge for new investors.

Mobile and Apps

Hargreaves Lansdown’s mobile app is highly regarded, offering seamless access to features such as signing up, researching, viewing, adding money, and trading, making it one of the best investment apps available in the market. 

Whether you’re a new user or an experienced investor, the app provides a user-friendly experience with intuitive navigation and a clean design.

With the app, you can easily sign up for a Hargreaves Lansdown account and start exploring the range of investment options available. The research feature allows you to access valuable market insights, news, and analysis to make informed investment decisions. 

Viewing your portfolio and tracking your investments is also hassle-free, with all the information you need readily available.

Adding money to your account is a breeze with the app’s straightforward interface. 

You can easily transfer funds from your bank account and allocate them to your desired investments. 

The app also provides a seamless trading experience, allowing you to execute trades quickly and efficiently.

In addition to its functionality, the Hargreaves Lansdown app stands out for its customer-friendly features.

It allows you to link multiple accounts, making it convenient to manage investments across different portfolios.

The app also provides secure access to your account through biometric authentication, ensuring the safety of your personal and financial information.

Mobile App Features:

  1. Easy sign-up process
  2. Comprehensive research tools
  3. Portfolio viewing and tracking
  4. Simple money transfer and allocation
  5. Effortless trading
  6. Linking of multiple accounts
  7. Secure biometric authentication
ProsCons
– User-friendly interface– Higher fees compared to some competitors
– Seamless sign-up and account management process– Website could be more user-friendly
– Comprehensive research tools and market insights 
– Secure biometric authentication 

Fees and Costs

Hargreaves Lansdown’s SIPP does come with fees, which may be considered slightly higher than some competitors, but the value provided in terms of service and information is often deemed worthwhile by customers. 

The platform charges an annual fee based on a tiered transaction cost structure, where the cost decreases as the portfolio value increases.

For portfolios between £0 and £250,000, the annual charge is 0.45%, which can be more expensive for larger portfolios. However, for portfolios between £250,000 and £1 million, the charge decreases to 0.25%, making it more cost-effective for those with larger investments.

In addition to the annual fee, customers should also be aware of the tiered transaction costs for shares. While the fee structure encourages regular engagement with the account, it can be a pain point for those who trade frequently. It’s important to consider these costs when evaluating the overall value for money.

Despite the higher fees, Hargreaves Lansdown’s SIPP is highly regarded for its user experience and range of investment options. Customers appreciate the platform’s ease of use, supported by a well-designed website and a seamless mobile app. The extensive range of investment products, including exchange-traded funds, stocks, shares, investment trusts, and over 2,500 funds, provides flexibility and choice for pension savers.

Summary:

  1. Hargreaves Lansdown’s SIPP charges slightly higher fees compared to some competitors, but the value provided in terms of service and information is often seen as worthwhile by customers.
  2. The annual fee is based on a tiered transaction cost structure, with a higher charge for portfolios below £250,000 and a lower charge for portfolios between £250,000 and £1 million.
  3. Tiered transaction costs for shares can be a pain point for frequent traders, and customers should consider these costs when evaluating the overall value for money.
  4. Despite the higher fees, the platform is highly regarded for its user experience and range of investment options, including exchange-traded funds, stocks, shares, investment trusts, and over 2,500 funds.
Fee StructurePortfolio ValueAnnual ChargeTiered Transaction Costs for Shares
Tier 1£0 – £250,0000.45%Varies
Tier 2£250,000 – £1 million0.25%Varies

Customer Reviews

Customers have overwhelmingly praised Hargreaves Lansdown’s SIPP, with positive reviews highlighting the exceptional user experience and customer service provided by the company.

The website and app are highly regarded, with users finding them easy to navigate and offering a wealth of information and tools. The customer service team is frequently commended for their helpfulness and knowledge, with minimal wait times when seeking assistance.

One reviewer mentioned that the website could be more user-friendly, but overall, the feedback is largely positive. Many customers appreciate the extensive range of investment options available, including stocks, shares, investment trusts, and over 2,500 funds. Hargreaves Lansdown’s investment platform is considered comprehensive and suitable for both new and experienced investors.

While some customers have mentioned that the fees charged by Hargreaves Lansdown are higher compared to other platforms, they feel that the value for money is justified by the quality of service and information provided. The company continuously invests in improving its website and app, ensuring that clients can save and invest in a hassle-free manner.

In terms of account management, Hargreaves Lansdown offers various pension options, including SIPP (Self-Invested Personal Pension) for pension savers seeking greater flexibility. Users find the platform easy to access and appreciate the extensive investment options available, such as exchange-traded funds, stocks, shares, and investment trusts. The range of choices allows users to diversify their portfolios easily.

Overall, Hargreaves Lansdown’s SIPP receives positive reviews from customers who value the company’s user-friendly platform, exceptional customer service, and extensive investment options. While the fees may be higher compared to some competitors, customers find the value for money to be justified given the quality of service provided.

FAQ

Q: Is Hargreaves Lansdown SIPP suitable for UK retirement savers?

A: Hargreaves Lansdown’s SIPP is suitable for UK retirement savers who are looking for flexibility and a wide range of investment options.

Q: What are the pros of Hargreaves Lansdown SIPP?

A: The pros of Hargreaves Lansdown SIPP include a comprehensive selection of investment options, user-friendly mobile apps and website, and excellent customer service.

Q: What are the cons of Hargreaves Lansdown SIPP?

A: The cons of Hargreaves Lansdown SIPP include higher fees compared to some competitors and a website that could be more user-friendly.

Q: What investment options are available through Hargreaves Lansdown SIPP?

A: Hargreaves Lansdown SIPP offers a wide range of investment options, including stocks, shares, investment trusts, exchange-traded funds, and over 3,500 funds.

Q: What is the level of customer service provided by Hargreaves Lansdown for SIPP holders?

A: Hargreaves Lansdown is known for its excellent customer service, with helpful and knowledgeable staff who are available to assist SIPP holders.

Q: How does Hargreaves Lansdown’s SIPP compare to other providers in terms of fees?

A: While Hargreaves Lansdown’s fees may be higher compared to some competitors, they reflect the value for money provided in terms of service and information.

Q: Is Hargreaves Lansdown’s SIPP easy to use?

A: Hargreaves Lansdown’s website and mobile apps are designed to be user-friendly, offering a seamless experience for SIPP holders to manage their investments.

Q: What are customers saying about Hargreaves Lansdown’s SIPP?

A: Customers have generally provided positive feedback on Hargreaves Lansdown’s SIPP, praising its user experience, customer service, and wide range of investment options.

About The Author

Sam Hodgson

Sam Hodgson

Head of Digital

Sam is our Head of Digital, overseeing all of our editorial and marketing strategies.

He has over a decade of pension industry experience, previously working & writing for the likes of HSBC and Hargreaves Lansdown.

His goal is to empower “non-financey” people to have confidence in making their own financial decisions, particularly on pensions and retirement planning.

Contact: sam@sippadvice.co.uk

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