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Should I use Aegon or Hargreaves Lansdown?

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UKPublished 6 October 2026 · Written by BuyMeWhiskey Editorial Team · How we check facts

There is no universal winner between Aegon and Hargreaves Lansdown. Aegon's current individual-savings products are generally adviser-led, while HL operates a broad direct investment platform. Compare your account type, need for advice, investment choice, charges, dealing and service model.

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Choose the platform that matches your need for advice, investment choice and account type; compare the exact charges and services for your own account rather than relying on a generic platform ranking.

Check the firm and its permissions with the FCA

Run your own numbers: Compound interest and savings calculator.

They are not identical kinds of service

Aegon and Hargreaves Lansdown can both sit around pensions and investment accounts, but the customer proposition is different. Aegon's current individual-savings page says its relevant products are adviser-only. Hargreaves Lansdown operates a broad direct investment platform for consumers, with Stocks and Shares ISAs, SIPPs, cash products and other accounts available directly.

That means the first question is not “which is cheapest?” It is “do I want a direct-to-consumer investment platform or an adviser-led arrangement?” For some people, the advice relationship is the main reason to use a provider; for others, it is an added layer they do not need.

When Aegon may make more sense

Aegon can be attractive where you already work with an adviser, want pension and investment products under one platform, or want the adviser to select and manage the investment proposition. Aegon describes its platform as providing a SIPP, ISA and GIA and supporting a broad range of investments.

The trade-off is that adviser-led investing can introduce advice fees in addition to platform and fund charges. Those costs can be worthwhile if the advice changes your decisions for the better, but they should be made explicit. Ask for the adviser charging structure and total ongoing cost, not just the platform headline.

When Hargreaves Lansdown may make more sense

HL is designed for direct customers and offers a wide range of investment accounts and choices. Its current Stocks and Shares ISA page says you can choose your own investments or use ready-made options, with a current annual account charge of up to 0.35% for holding investments in the ISA, while the investments themselves can have their own charges and dealing costs can apply.

That can suit an investor who wants to manage the portfolio personally, consolidate accounts and use a large retail investment platform without appointing an adviser.

Compare total costs, not one fee

A platform decision should include every recurring and transaction cost that applies to you: platform/account charges, fund ongoing charges, dealing costs, foreign exchange, advice fees and any exit or transfer charges. The lowest platform fee can still be more expensive if the investments or service you use cost more elsewhere.

For a fair comparison, take your actual portfolio and model the charges over a year. Do this separately for a small ISA and a large pension because percentage-based fees can have a very different effect as the pot grows.

Investment choice matters more than brand

Aegon says its platform provides a large investment range, while HL lists funds, UK and overseas shares, investment trusts, bonds and ETFs among the investments available through its Stocks and Shares ISA. The question is whether both platforms offer the specific fund, ETF or share class you actually want.

Do not count thousands of investments as an automatic advantage if you are going to use one low-cost diversified fund. In that case, simplicity, service quality and total cost can matter more than the size of the catalogue.

ADR versus ordinary shares is a separate issue

One of the original forum variants mixed platform choice with an unrelated ADR question. The lasting investing lesson is that an American Depositary Receipt is not simply another name for the ordinary shares. Investor.gov explains that most foreign companies trading in US markets use ADRs, which represent underlying foreign shares and are issued by US depositary banks.

ADR holders can face depositary fees, currency effects and rights that differ from holding ordinary shares directly. When choosing a platform, check which market and security type you will actually own and what dealing or FX costs apply.

Check authorisation and transfer consequences

The FCA says consumers should use its Firm Checker or Financial Services Register to confirm that a firm is authorised and has permission for the service being offered. Authorisation is not a guarantee that an investment will rise, but it is an important part of checking the firm.

Before transferring an ISA or pension, also check for exit fees, guarantees, safeguarded benefits, tax consequences and any investment that cannot be transferred in specie. HL itself warns customers to check for loss of benefits, guarantees and exit fees before transferring.

Think about the account, not just the app

A good platform should fit the period you plan to invest, the amount you expect to hold and how involved you want to be. A pension transfer can be more important than a slightly lower dealing charge, while a simple ISA with one fund may favour low friction and low total cost.

Use the FCA Firm Checker, the provider's current charges page and the fund's own ongoing charge disclosure. If the choice still feels unclear, MoneyHelper can explain the difference between guidance and regulated financial advice.

Illustrative platform charge on a £50,000 ISA

Worked example

Illustrative annual-cost comparison: suppose you hold a £50,000 Stocks and Shares ISA and one platform charges 0.35% a year on the relevant assets. This example ignores fund charges, dealing and other costs.

£50,000 × 0.35% = £175 a year.
If another arrangement had a 0.25% platform charge, £50,000 × 0.25% = £125 a year.
Illustrative difference: £175 − £125 = £50 a year.

The point is not that the lower percentage is automatically better. An adviser, fund range, service or tax-wrapper feature could justify a higher total cost for some investors. Compare the whole arrangement, not one percentage in isolation.

This is an illustrative charge comparison, not a recommendation. Actual costs depend on the exact product, fund or share dealing, account size, adviser arrangement and any discounts or additional services. Check the current fee schedules before transferring an investment account.

Is Aegon cheaper than Hargreaves Lansdown?#

There is no reliable single answer without knowing the account, holdings and whether advice is involved. Aegon’s individual-savings products are currently adviser-led, while HL offers direct consumer accounts. Compare platform, advice, fund, dealing and other costs for your actual portfolio.

Should I choose HL or an adviser-based Aegon account?#

Choose based on how much investment decision-making you want to do yourself. An adviser can add planning and behavioural support but costs money. A direct platform gives you more responsibility for the investment choices and ongoing decisions. Compare the current fee schedules and confirm whether you are buying directly or through an adviser.

Can I hold an ISA with Aegon or HL?#

Both providers have ISA products, but the exact route and eligibility differ. Aegon’s current individual-savings proposition is adviser-led, while HL offers a direct Stocks and Shares ISA. Check the current product terms before opening or transferring. Compare the current fee schedules and confirm whether you are buying directly or through an adviser.

Is Hargreaves Lansdown regulated?#

HL states on its site that Hargreaves Lansdown Asset Management Limited is authorised and regulated by the FCA. You should still use the FCA Firm Checker or Financial Services Register yourself because permissions matter for the specific service. Compare the current fee schedules and confirm whether you are buying directly or through an adviser.

An ADR represents underlying foreign shares through a US depositary bank. It can trade in the US without being the same legal security as the ordinary shares in the company’s home market. ADR fees, currency and shareholder-right differences can matter.

Should I transfer a pension to a different platform just to cut fees?#

Fees matter, but first check guarantees, investment options, exit charges, protected benefits and advice. A transfer can have consequences beyond the headline platform fee. Compare the whole arrangement before moving a pension. Compare the current fee schedules and confirm whether you are buying directly or through an adviser.

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Sources

Figures were checked against these sources before publication. If a rule changes, we update the page and show the new date.

General information, not personal financial advice. Rules depend on your circumstances; check the official source or speak to a regulated adviser before acting.