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Hargreaves Lansdown hits one million client landmark

Clients numbers at UK's largest online stockbroker more than double in just over five years.

Hargreaves Lansdown hits one million client landmark

Hargreaves Lansdown (HRGV) has signed up its millionth client following what it described as a fundamental shift in investor behaviour in the last five years. 

Client numbers at the online stockbroker have more than doubled from 432,000 in June 2012. The rise of mobile investors has played a key role in the client surge, it said. 

According to HL, nearly 60% of visits to its website are now via mobile and tablet, compared to less than 20% just five years ago.

Additionally, 72% of those aged 18 to 19 accessed the website via mobile in October compared to 56% in February.

The firm also noted that fund trades via mobile had almost quadrupled, while share trades more than doubled in the last two years.

'Our digital and mobile strategies have also been key to our success,' said chief executive Chris Hill. 

'The way people want to manage their money is moving rapidly from the desktop to mobile devices and we have seen significant change over the last five years.'

Hargreaves Lansdown launched a new mobile app at the beginning of the year, with updated features like a fingerprint log in, stop losses and limit orders on trades, and overseas share dealing.

It said it had seen an increasing proportion of both fund and share trades being placed via the app.

'Online still remains investors’ favourite way of placing fund trades, with 82.7% of deals placed this way in the third quarter. The remaining proportion of deals were placed by telephone and post (4% and 4.6% respectively),' the group said. 

'Meanwhile there has also been an increase in the proportion of share trades being placed via app, from 10.1% in the first quarter this year to 15.9% in the third.'

HL said it now has over 550,000 downloads of its mobile app.

It added that three in every five new accounts opened on mobile are by people aged 19 – 35. This compares to just one in five accounts on traditional desktops.

Meanwhile nearly half (48%) of all mobile trades are completed by people aged 44 or under, according to the firm. This compares to just 25% of all desktop trades completed by the same age bracket. 

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