Business units

For management and reporting purposes, Hargreaves Lansdown’s operations are divided into five business units as follows:

Vantage

Vantage offers clients the administrative convenience of being able to hold and manage investments, irrespective of the tax vehicle, in one service with consolidated valuation reports and tax vouchers, a single dealing service and instant online access.

Vantage's principal account categories are as follows: Vantage PEP Account, Vantage ISA Account, Vantage Fund and Share Account and Vantage SIPP Account. This business unit also covers various legacy nominee PEP accounts.

Hargreaves Lansdown offers a multi-channel service enabling clients to undertake transactions online, by telephone or by post.

Third Party

Hargreaves Lansdown categorises those investment products which are externally administered* rather than held in Vantage or other nominee accounts as ''Third Party''. There are three distinct product areas:

(a) Third Party Investments

Third Party Investments are PEP and ISA investments held in the Hargreaves Lansdown agency and VCTs which do not qualify for tax relief if bought within a nominee account.

(b) Corporate Solutions

Advice to companies on their group pension strategy. The division specialises in contract-based defined contribution pension schemes, providing group personal pensions, group stakeholder pensions and group SIPPs. The division also provides an annuity quotation service for retiring employees of corporate clients.

The Group also offers Third Party personal and stakeholder pensions, and an annuity service for clients. In addition, it offers term insurance and home contents insurance.

*except for the Group SIPP.

Discretionary

The Discretionary business comprises the Hargreaves Lansdown multi-manager funds and PMS, the Group’s discretionary portfolio management service.

There are four Multi-Manager funds and they can either be held on an execution only basis within the Vantage service, or on a discretionary basis within the Portfolio Management Service.

Advisory

The Advisory business provides a wide range of advisory services to clients including retirement options and planning, savings and investments, inheritance tax planning, life assurance and protection, pensions management including pensions transfers, and annuities.

Advisers may charge either on a fee or commission basis, or a combination of the two, as agreed with the client.

Stockbroking

Dealing services in a wide range of investments including equities, corporate bonds, gilts and covered warrants. This unit carries out all the share dealing and back office functions for Vantage accounts. It offers a certificated dealing service for clients who hold, or wish to hold, share certificates in their own name.

Through its relationships with third party providers, Hargreaves Lansdown Stockbrokers also offers specialist broking services in CFDs, spread betting and currency services. The Securities Management Account provides an element of recurring fee income in addition to transactional charges.