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Hargreaves Lansdown launches Simply Invest service for first time investors


Hargreaves Lansdown has launched Simply Invest, an investment service for new investors.

Clients using the Simply Invest service will be invested in the Legal and General UK Index fund, which tracks the performance of the FTSE All Share.
The firm writes that while the typical charge for this fund is 0.1 per cent, Simply Invest clients will pay an ongoing annual fund charge of 0.04 per cent.
Danny Cox (pictured), Chartered Financial Planner, Hargreaves Lansdown says: “The need to invest for the future has never been greater for younger generations, now that final salary schemes are a thing of the past, inflation has returned to the fray, and cash is still yielding next to nothing. Many younger people recognise the need to invest, they just don’t know how best to go about it.
“Our new Simply Invest service makes investing in the stock market easy for first time investors, while helping them build their knowledge and confidence with a monthly educational tutorial delivered to their inbox. The whole investment process takes just five minutes,  and is specifically designed for those who are new to investing.”
HL writes that Simply Invest clients will still have access to all benefits of the HL platform, including the mobile app, a range of tax wrappers, and the HL helpdesk. They will be able to invest in other funds and shares as and when they feel they have built up the confidence to do so.
The HL platform charge is a maximum of 0.45 per cent, so Simply Invest clients will get access to the service for 0.49 per cent per annum.
Hargreaves Lansdown’s investors who are already in the Legal & General UK Index fund will see their annual fund charge effectively reduced to 0.04 per cent from 0.06 per cent currently.
Simon Hynes, Head of Retail Distribution, EMEA at Legal & General Investment Management says: “We are delighted to partner with Hargreaves Lansdown in support of this new service to help more people think about saving for their future. It’s vitally important for everyone to get into the habit of investing regularly so they are able to meet their long term financial goals, and to enjoy a comfortable retirement.”
 Hargreaves Lansdown has also negotiated a reduced fund charge for the Legal & General UK Index fund from 0.1 per cent to 0.06 per cent.

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