If I Knew Then: Mark Dampier

Hargreaves Lansdown is the UK’s number one financial investment platform for private investors, managing £58.8 billion for 783,000 clients. 

The FTSE 100 company is headquartered on the Harbourside and employs more than 950 staff. Mark Dampier is the company’s investment director. 

How did you start at Hargreaves Lansdown? 

When I came into the industry, remarkable as it sounds, no formal qualifications were required. Most of the business was unregulated and sales-driven, frequently with disastrous consequences.

I did have a degree, but it was in a subject, law, that I found stultifyingly dull. I was on the lookout for something more interesting. Investment turned out to be the answer, and it is a career choice I have never regretted. The company had started life in 1981 as a two-man operation run from the back bedroom of Peter Hargreaves’ house.

In little over 30 years, HL has grown from a small privately-owned company with a few hundred clients to one of the UK’s 100 largest publicly-quoted businesses, with assets under management or administration of more than £55 billion. It has been quite a ride. 

If you knew then what you know now, what mistakes might you have avoided? 

Investment is easy with the benefit of hindsight. I’d buy low, sell high, avoid the losers and pick the winners every time. What I’ve learned from over 30 years’ experience is that the experts can get it as wrong as the layman.

What advice would you have given yourself when starting out? 

Don’t just sit there, do something. Investing is one of those things you need to spend some time on to get the best results and enjoyment. And its easier the more you do it. 

If you knew then what you know now, would you still be sitting there?

I love the job that I do and the people I work with. It’s an exciting company and investment really interests me, so I will never stop being involved with investing whether professionally as now, or as a hobby. Look at Peter Hargreaves; he is only really now starting to wind down a bit at the age of 68 and there is a lot of life in the old dog yet.

What do you know now that you didn’t know then? 

I have built over 30 years of experience of investing. Investment isn’t a perfect science and we get it wrong occasionally, however I’m proud of the track record of the Wealth 150, our preferred funds and the HL multi-managers.

What’s the best piece of advice you’ve received so far?  

I’ve always taken advice when things become more complicated or out of my range of knowledge. Pensions are notoriously complicated.

When it comes to investment, I have one favourite expression: It’s the return of your money that’s more important than the return on your money. Get rich slow. There are no shortcuts to investment success, making the effort can be rewarding.

What is your business highlight? 

HL now has a 35 per cent market share, which is just incredible considering the business started in a back bedroom in Clifton.

What is your business low point? 

There have been some tough times in the investment world: Black Monday back in 1987, the dot com bubble, the financial crisis. But I would say the increasing amounts of regulation. It’s important to protect the consumer but also frustrating as it feels like a tax on the good guys, as the bad guys seem to get away with it.

What keeps you awake? 

Nothing. It’s normally the other way around.

What’s changed from when you started out?

The whole industry has shifted from consumers having to buy pretty poor and expensive products through a long paper trail via advisers, to a slick technology based industry where most HL clients can choose their investments and trade online or through their phones, quickly, easily and without any advice. 

What’s still on your to-do list?

More fishing, shooting, sailing and skiing. Hopefully helping more first time investors with my experiences    

What’s next for Hargreaves Lansdown? 

We aim to be the number one place for people’s savings and investments. We will continue to bring new funds and features to clients as well as delivering great service. I am particularly excited about our new HL Savings business which should launch later next year.

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