Finding a new home for orphaned clients

Increased profits at execution-only specialist Hargreaves Lansdown (up 28% year-on-year to £195.2m) were thanks, in large part, to its massive increase in client numbers, up by 76,000 to 507,000 over the last 12 months, with many of them orphaned by other advisers or banks. Hargreaves has clearly benefited from changes in the market resulting in a boost to its client bank, but what are the ongoing factors affecting orphaned client numbers and has the industry found any sufficient way of accommodating them? Hargreaves Lansdown head of financial planning Danny Cox said: "Although not al...