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    • dunstonh
    • By dunstonh 8th May 11, 2:43 PM
    • 89,513 Posts
    • 55,950 Thanks
    dunstonh
    • #2
    • 8th May 11, 2:43 PM
    • #2
    • 8th May 11, 2:43 PM
    has anybody had any experience/dealings with St James
    Owned by Lloyds Bank. Reportedly up for sale.

    Typically one of the most expensive distribution channels going. Any IFA going to SJP is doing it for their own earnings rather than their clients.To give you an example of cost difference, I did a pension transfer from an SJP pension last year and the projection difference using some growth rates (so difference was purely down to charges) was over £300,000.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • hammerboy2
    • #3
    • 8th May 11, 3:04 PM
    • #3
    • 8th May 11, 3:04 PM
    thank you both for your quick replies, my "gut reaction" was they don't seem right, as they want to get my mum to change a bond/policy which is and always has been making good money (£20,000) in the last 5 years to one of theirs
    • SeniorSam
    • By SeniorSam 8th May 11, 5:55 PM
    • 1,107 Posts
    • 553 Thanks
    SeniorSam
    • #4
    • 8th May 11, 5:55 PM
    • #4
    • 8th May 11, 5:55 PM
    Don't change. You need the services of an Independent Financial Adviser, but one who has investment experience and can be recommended by others. Also not someone who has started in financial services in the last 3 years, but preferable someone who has been around for the last 10 years and with the same company. That way you are 'reasonably' certain that the company think he's/she/s ok and that he/she thinks the company is OK.

    Also, a little more difficult, but a firm that has a discretionary management of their own will be in the minority, but may have more savy of investments. Research is paramount before you decide. Then look at commission or fees. Financial services are changing and commissions are fading out in favour of fees and in fairness to clients.

    Good luck

    Sam
    • theGrinch
    • By theGrinch 8th May 11, 8:43 PM
    • 2,780 Posts
    • 670 Thanks
    theGrinch
    • #5
    • 8th May 11, 8:43 PM
    • #5
    • 8th May 11, 8:43 PM
    they are one of the most profitable companies per employee for a reason. fat fees!!
    "enough is a feast"...old Buddist proverb
    • Loughton Monkey
    • By Loughton Monkey 8th May 11, 10:20 PM
    • 8,706 Posts
    • 12,428 Thanks
    Loughton Monkey
    • #6
    • 8th May 11, 10:20 PM
    • #6
    • 8th May 11, 10:20 PM
    These people are a bit of a joke in the industry.

    OK, they're FSA registered and all that so will not literally run off with your money. But they are arguably about the worst value you could ever find. The very last place anyone would go (who knows the business). Bank products are bad enough on their own. Add a seperate expensive sales force, and you've got all the worst combinations.
  • cococoladebt
    • #7
    • 8th May 11, 11:16 PM
    • #7
    • 8th May 11, 11:16 PM
    These guys call my work place every day. Very annoying people.
    Credit Card Debts: £11,605.95/£16,240.53 - 71% paid off.

    £4,634.61 credit card debt remaining. Aim for credit card debt free before
    October 2011 December 2012. In debt since 2004.
    • magpiecottage
    • By magpiecottage 9th May 11, 1:02 AM
    • 9,101 Posts
    • 5,584 Thanks
    magpiecottage
    • #8
    • 9th May 11, 1:02 AM
    • #8
    • 9th May 11, 1:02 AM
    I have done work for SJP on occasion.

    They have some representatives who know their stuff and seek the best for their customers. They are certainly not the worst I have come across.

    But they can never compete with a good IFA and if somebody is recommending cashing a bond, alarm bells immediately start ringing for me.
  • hammerboy2
    • #9
    • 10th May 11, 6:37 PM
    • #9
    • 10th May 11, 6:37 PM
    thanks to all who gave feedback, we will be giving sjp a wide berth
    • magpiecottage
    • By magpiecottage 10th May 11, 8:57 PM
    • 9,101 Posts
    • 5,584 Thanks
    magpiecottage
    Can you name the worst you have come across?
    Originally posted by feesarefare
    I can, but that might be financially and/or commercially suicidal so what I can do and what I will do shall have to remain different things, I'm afraid.
    • Totton
    • By Totton 11th May 11, 4:47 PM
    • 974 Posts
    • 585 Thanks
    Totton
    I've a friend who invests through SJP and is very happy with the service and performance of the funds he ended up with. I discussed with him alternatives but he was happy to stay with them so I guess not all is bad.
  • donttouchwithabargepole
    Don't touch St James Place with a barge pole
    There are already a couple of good articles available on the internet about this company. In a nutshell, there are hoardes of partners (salesmen) around the country who can earn handsome commissions to persuade you to invest in St James products whether it suits you or not. There are a couple of examples of mis-selling in the articles. A salesman with targets and incentives is likely to ignore what you want and tell you whatever will get him the sale. If you do choose to invest with St James Place, make sure you get everything in writing and check it's what you asked for or need. Query anything that doesn't sound right or you don't understand (also get this in writing). If you still don't understand, don't invest.
    • oldvicar
    • By oldvicar 29th Jan 12, 9:23 PM
    • 1,068 Posts
    • 944 Thanks
    oldvicar
    They invite you to some very nice lunches. No need to invest.
    • jonnyb
    • By jonnyb 29th Jan 12, 9:36 PM
    • 572 Posts
    • 229 Thanks
    jonnyb
    expensive option
    I stepped in at the last minute to save my mum from being persuaded by one of their salesmen to put all her current investments with them. I was too late to stop her doing one ISA with her, but got there in time to stop her considering cashing in some very well performing bonds, to move the money to them for an expensive up front fee.

    Instead I helped her do a self select ISA in August 2011, and it is currently 7.5% up on capital growth, before any dividend re-investments. SJP were not predicting anywhere close to that !
    Karma is a wonderful thing.
    • Aegis
    • By Aegis 29th Jan 12, 10:31 PM
    • 4,771 Posts
    • 2,875 Thanks
    Aegis
    I stepped in at the last minute to save my mum from being persuaded by one of their salesmen to put all her current investments with them. I was too late to stop her doing one ISA with her, but got there in time to stop her considering cashing in some very well performing bonds, to move the money to them for an expensive up front fee.

    Instead I helped her do a self select ISA in August 2011, and it is currently 7.5% up on capital growth, before any dividend re-investments. SJP were not predicting anywhere close to that !
    Originally posted by jonnyb
    Advisers can't offer predictions as to what they think your performance will be in the short term. I'm not specifically defending SJP here, but if you're referring to the illustrations they provide, those generally use industry-standard projections and should only really be used for comparing costs, not predicting performance.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • dunstonh
    • By dunstonh 30th Jan 12, 1:36 AM
    • 89,513 Posts
    • 55,950 Thanks
    dunstonh
    SJP were not predicting anywhere close to that !
    In that case, well done SJP. (not often I say that!)

    Investments should not be predicted as future returns are unknown. Stochastic modelling is generally considered to be acceptable as a guide or using the FSA growth rates of 5,7 & 9% (reduced if lower risk assets used) but an invest could still have a mid rate projection of 5% and turn in 25% in a given year (just as it can turn in -25%)
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Notanexpert
    We've used SJP since our first mortgage ten years ago. They've been fine - have dealt with one person all these years, no pushiness and not pressured into signing something we don't want or understand. Meet annually to review circumstances and discuss any needs we might have, always sending written confirmation on what was discussed and what was agreed to update. Sent regular material about how our investments are doing. Even get birthday and Christmas cards every year!
    • dunstonh
    • By dunstonh 5th Apr 12, 11:56 PM
    • 89,513 Posts
    • 55,950 Thanks
    dunstonh
    We've used SJP since our first mortgage ten years ago. They've been fine - have dealt with one person all these years, no pushiness and not pressured into signing something we don't want or understand. Meet annually to review circumstances and discuss any needs we might have, always sending written confirmation on what was discussed and what was agreed to update. Sent regular material about how our investments are doing. Even get birthday and Christmas cards every year!
    Originally posted by Notanexpert
    That is great. And how it should be when you look at the fees they are charging you. They are known for quality servicing in general but also known for being up there as one of the most expensive distribution channels going (I did a pension review last year and saved over £300,000 on charges over the term). Their investment options are also limited. If you think the servicing is worth that sort of money compared to any local IFA offering servicing then that is acceptable. You know the cost and limitations and you are making an informed choice.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • nicolaspastor
    Avoid them!
    Think twice (or more) before using this firm's services. I was looking for wealth management advice so asked a friend who recommended them. What a mistake. They are terrible
    Last edited by nicolaspastor; 13-12-2013 at 3:44 PM.
  • Qwerty09
    For what it's worth, I found them superb. As I understand it, the adviser does not work for St James place (SJP). My adviser is self employed, but uses SJP products. What I liked was that this was one guy with the backing of a massive company, with a guarantee that if the advice were wrong, SJP would put me right (I've got this in writing..!!).

    The adviser I spoke with was very patient, answered all of my questions and never once tried to pressure me into doing anything I didn't want to do, plus I never paid him anything until he set up my plans and then SJP paid him, which is fair enough (the IFAs wanted paying up front..!!)

    I spoke with 3 IFAs, all of whom were small companies without the backing of a big company. I considered, where will they be in 5 years when I still need advice..? I agree with previous posts here that IFA firms have joined SJP, however the one I spoke to, who was in the process of joining SJP, told me this was because the regulatory and insurance costs were so great that they (the IFA firm) had no other choice than to join SJP.

    It seems to me that there are IFAs posting on here and just having a go at SJP. They seem to be the biggest, so why not have a go at them..??

    I think it comes down to the adviser rather than the firm, if you trust them and they are clear about everything, does it matter whether they are IFA or SJP or anyone else..??
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