Hargreaves Lansdown has always been a Neil Woodford supporter and they have been hit hard by the closure of Neil’s fund. They have removed it from their recommended fund list and the CEO has issued an official apology to those trapped in the fund. This comes after their Head of Research Mark Dampier and his wife sold their Hargreaves Lansdown shareholdings a mere 3 weeks before Hargreaves became entangled in the Woodford troubles, saving themselves £1.15 million more than if the sales had been made 3 weeks later. Mr Dampier has been cleared of any official wrongdoing as he was acting merely on the growing scrutiny of the fund’s stability, but there are questions over the morality of his decision to not inform Hargreaves’s Clients of this growing concern so they too, could take action.
Redwood has never advised Clients to invest in Neil Woodford’s funds – we only advise our Clients to invest in the best funds available in each sector, something that our investment fund manager partners monitor on a daily basis. All of the team at Redwood use the same investment funds and fund managers that we recommend to our Clients, whether that is for personal savings, pensions and other investments.
So, if our team was ever concerned enough to move out of a fund, then we would make sure that ALL of our Clients and all of our team know about it so that they can choose, if they wish, to move with us, nobody is left behind.
This is one of the main differences between using a primarily DIY platform service such as Hargreaves Lansdown and using a financial advisory firm like ourselves, which provides clear advice, tailored to each Client while valuing the wellbeing of our Clients and their hard- earned savings.
Redwood is one of the Souths’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email info@redwoodfinancial.co.uk to book an obligation free Initial Meeting with us to review your financial planning needs.
