Charles is 68 and happily retired. He and his wife enjoy several holidays a year, playing golf and spending time in the garden. The children are all grown up and financially independent. Charles has dabbled a bit on the stock market, but now has the time to give it a bit more of a go. He has significant savings and is comfortable with putting some of it into riskier investments.
As well as his company pension, Charles has built up a pension pot of £350,000 in a SIPP and £150,000 in ISAs. Of this £500,000 investment pot, around £100,000 is in stocks and shares. He already uses a platform (Hargreaves Lansdown) to manage his portfolio, but now that he feels comfortable in making his own decisions and regularly trading, he is keen to see if he can get a cheaper deal elsewhere. He expects to trade about 50 times a year, and let’s assume there will be no additional future savings.
Here’s an overview of the Top 3 investment platforms, based on price, when we input Charles’s data into the comparetheplatform.com calculator. Hargreaves Lansdown, which Charles uses currently, comes in at number 9, so we’ve added that too.
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Charles has time on his hands to research stocks and shares and is a very active trader. His preferred platform, Hargreaves Lansdown, is expensive for people who trade significant volumes so he should consider moving his investments to Fidelity where he would save a whopping £2,290 per year. However, if Charles were to place all his investments in investment funds, he would get a different ranking altogether. Charles likes the extensive research and tools available on Hargreaves Lansdown and rates its customer services highly.