Hargreaves Lansdown has been searching for ways to regain kudos among investors. Shaky markets and higher spending are likely to keep the recovery out of reach.
Eyes are on a costly bid to launch a range of robo-advice services across the investment platform, which uses automation and also some guidance from employees. The timing of a plan to spend £225 million by 2026 on a tilt towards hybrid advice products is hardly opportune. The company is battling falling rates of new business and slower client wins in the face of market turmoil, adding to unease over whether the payback on hefty spending plans will materialise on cue or on budget.
New client numbers were 31,000 over the back end of last year, down from 48,000
