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Hargreaves hints at bolstering adviser numbers

Hargreaves Lansdown has dropped a number of hints that it is looking to bolster its advice capacity.

In a presentation to analysts today as it released its financial results, Hargreaves labels investment in advice as a “growth opportunity” for the firm.

Advice is set to be one of the areas to benefit as the firm ticks up its headcount from now until the 2017 tax year end.

From Hargreaves’ analyst presentation

Hargreaves says that while it has a high share of the self-directed market, that is only 10 per cent of inflows in the investment market in 2017.

The firm says: “Our opportunity includes IFAs, independent wealth managers and vertically integrated firms, of which our share is just 7 per cent.”

It adds: “The platform market has £190bn of assets. HL has a 38 per cent market share. Add in advised assets and the total private wealth market has £1.6tn of assets. We believe we are the best solution for £1.1tn of this. We currently only have 7 per cent market share.”

From Hargreaves’ analyst presentation

Hargreaves also notes that there is a £314bn savings gap in the UK, and that “clients increasingly want solutions not information”.

Hargreaves currently employs around 100 advisers across telephone and face-to-face advice, based in Bristol and around the UK.

Speaking with Money Marketing earlier this year, Hargreaves hinted that it was already looking to up this number by roughly 10 per cent.

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  1. Rather off target I think Justin. We all know that HL is not just D2C but also offers advise and therefore has advisers. The number of these has increased with the business. The Annual report ‘hint’ is not about boosting this number (as your headline erroneously suggests) but is about getting more sales for its funds from the whole adviser market where currently it only has a 7% share.

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