Hargreaves: 20% of our clients will be worse off

Hargreaves Lansdown has said 20% of its clients will see fees go up as a result of its charging overhaul, although it added these clients are able to cut their charges by changing the way they invest.

Hargreaves' chief executive Ian Gorham (pictured), speaking following the release of the group's new RDR-compatible pricing model this morning, said 80% of the platform's clients will either pay less or the same level of fees following the changes. Mark Dampier, head of research at Hargreaves, said the vast majority of the remaining 20% of clients would be around £5-£10 worse off per year, but said they too could cut costs if they changed the way they invested. A large proportion of Hargreaves' clients are offline, - the segment accounted for 45% of new assets last year - and Dampier ...