Bristol-based Hargreaves Lansdown has cut the minimum investment amounts on its Vantage Service, hoping to attract first-time investors left in limbo with the growing advice gap.
The initiative, which went live on 9 September, aims to “encourage first-time investors to start building up a nest egg and improve their financial security” Danny Cox, head of financial planning, has said.
He added: “The most important part of a savings plan is to get it off the ground, even if the initial amount seems small”.
| Key Features |
| - Minimum regular savings cut from £50 a month to £25 |
| - Minimum lump sum amount cut from £500 to £100 |
| - Changes apply to Vantage, Nisa, Sipp and Fund and Share Account. |
Adviser view
Justin Modray, IFA founder of online advisory website Candid Money said: “Hargreaves Lansdown’s decision to reduce minimum investment levels on Vantage is most welcome and I hope other platforms follow.
“What Hargreaves should focus on now is cutting its relatively high platform fees to become more competitive compared with Cavendish Online and Charles Stanley Direct, at the lower end of the market, and iWeb, Interactive and Alliance Trust Savings at the top end.”
