Call Richard Cook: 07770 575 122

email: richard@theinvestmentandretirementcoach.co.uk

Lloyds Customers beware

Lloyds customers beware the new Schroder’s financial planning offer.

During my 30 years as a financial planner, the High Street Banks had many a foray into financial planning only to withdraw and try again.

This latest Lloyds Bank/Schroders venture doesn’t look to be any better. They claim to be able to undercut the fees charged by St. James Place but still come up with some eye-watering costs.

A fee of £750 for a financial plan even if you don’t take their advice. An advice fee of 0.65% if you decide to go ahead (that’s £3250 on a pension fund of £500,000) and then ongoing annual charges of around 1.7%, (that’s £8750 per annum on the same £500,000).


With dividends traditionally having been around 4% and expected to be devastated by the Coronavirus scare that is a huge hit on likely returns.

So why do they think this will work? Simple. The huge Lloyds Bank customer base available to their advisers. Even after all the bank problems over the past few years far too many people still believe that anyone introduced by their bank must be ok.

Having said all that many Financial Adviser fees will be in a similar ballpark which is one reason why only 9% of us use a financial planner.

I and my clients use the on-line no advice platforms such as Hargreaves Lansdown and A J Bell. Excellent, user-friendly, customer service, many useful guides, calculators, etc. and much more competitive costs. Not only that but you will keep total control of your money – no faceless discretionary managers who will move your money and tell you later.

If you would like to investigate whether one of those platforms would work for you just use this link to book a free 30-minute Zoom chat.

As always I must point out that I am not a regulated financial adviser and anything I say should be treated as general guidance and not personal advice.


This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122

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