IN THE BACK
Best of both worlds
We all value familiarity , but new services are being launched every day to make our lives easier , simpler and even cheaper – so long as we step outside our comfort zone and give them a go . With regards to changing our suppliers , we are particularly bad when it comes to financial services . As an example , you may recall a large amount of cash being spent on advertising the Current Account Switch Guarantee , which pushed us not to accept our current unsuitable and expensive banking relationship and find a better , cheaper and more appropriate account . The plumbing to make switching easy clearly cost millions more , yet still people have been reluctant to swap banks for fear of the complexity of all the payments , direct debits and other stuff to do with banking going wrong , leaving people nursing a headache and a damaged credit rating . What really got the Great British public moving bank accounts was the introduction of sexy new banks such as Monzo , Revolut and Starling , which offered a genuine alternative and innovative services such as free foreign exchange services . These branch-free banks inspired millions of Brits to up sticks and move their accounts , rather than an overdraft limit at Barclays or Lloyds that was 1 percentage point cheaper . And so it is with investment services .
Not budging Despite credible competition from a host of other scale players ,
Hargreaves Lansdown and its highcost , high-value service has kept its millions of clients , whereas you might have expected an exodus to competitors charging half the price . But Hargreaves Lansdown continues to be the dominant force in UK investing . Again , like the Current Account Switch Service , the investment
/ 64 / trustnet . com