Hargreaves Lansdown unveils ‘third way’ non-advised service

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Hargreaves Lansdown has unveiled the details for its newly launched non-advised service Portfolio +.

The “third way” proposition provides investors with ready-made portfolios managed and rebalanced every six months by the HL investment research team.

There are six portfolios to choose from, ranging from Adventurous Income to Conservative Growth.

When choosing a portfolio investors can select their investment goal, level of risk and whether they want their investments held in an Isa, Sipp, fund account or Junior Isa.

An investment in the Portfolio + service can be held alongside any other funds and shares on Vantage, Hargreaves’ D2C platform, and can be viewed online in the same account.

The minimum investment for the service is £1,000 and investors are also allowed to switch or transfer existing Isas, pensions and investments into Portfolio +.

There are no account set up charges, and no initial charges for the funds as well as no additional ongoing charges for the service.

Investors will only pay the ongoing charges of the underlying funds, ranging from 1.34 per cent to 1.46 per cent, and the Vantage annual charge of up to 0.45 per cent per annum.

Hargreaves Lansdown head of communication Danny Cox says: “Portfolio + offers a third way of investing for the growing throng of investors who want their investments managed for them, but don’t want to pay for financial advice. It will provide investors with a fully managed portfolio by taking three simple steps online.

“This service can meet the needs of first-time investors, who are yet to build up the knowledge and confidence to choose their own funds, right through to retired investors who simply want to leave investment decisions to someone else.”