New Hargreaves Lansdown CEO lays out priorities as profits soar 50%

investmentweek.co.uk:

Dan Olley (pictured) took over as CEO of Hargreaves Lansdown on 7 August 2023.

Positive market movements helped boost AUA, as net new business took a tumble during the period, down 13% to £4.8bn. But pre-tax profits increased by 50% to £402.7m.

The firm now has 1.8 million active clients, an increase of 67,000 in the year, with client retention stable at over 92%.

Hargreaves Lansdown adds BNY Mellon US Equity Income to Wealth Shortlist

Dan Olley, who took over as CEO of Hargreaves Lansdown on 7 August from his previous role as a non-executive director of the company, said there «continues to be a challenging broader economic environment».

Olley explained: «It is clear that our service and execution must return to the high standards we and our clients expect and deserve. This is a core focus for me».

Being only a few weeks into his role, the new CEO said he is «very much in listening mode», but based on what he is hearing he is prioritising four «key areas» for the business.

First is to drive client and asset growth. The aim is to «increase focus on tailored client content and a seamless experience, backed by great service and broad product range».

Throughout the year,  the wealth firm continued rolling out its ‘Better Investors' programme, which provides personalised educational content to clients, on topics including holding an appropriate level of cash, portfolio diversification, the importance of regular investing and the power of compounding

Olley added he wants the business to move faster «to continuously deliver additional client value at speed».

Hargreaves Lansdown 'reduces conviction' on Fidelity Sustainable MoneyBuilder Income fund

Third on the list is «save to grow», encouraging a «fitter and leaner»