St James's place wealth management

my mothers IFA company (abacus wealth service ltd) have become a "client" for St James's wealth management, has anybody had any experience/dealings with St James

thanks in advance
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  • dunstonh
    dunstonh Posts: 115,904
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    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). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • hammerboy2
    hammerboy2 Posts: 58
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    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
    SeniorSam Posts: 1,670
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    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
    I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.
  • theGrinch
    theGrinch Posts: 3,122
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    they are one of the most profitable companies per employee for a reason. fat fees!!
    "enough is a feast"...old Buddist proverb
  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913
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    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
    cococoladebt Posts: 221 Forumite
    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
    [STRIKE]October 2011[/STRIKE] December 2012. In debt since 2004.
  • magpiecottage
    magpiecottage Posts: 9,241
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    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
    hammerboy2 Posts: 58
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    thanks to all who gave feedback, we will be giving sjp a wide berth
  • magpiecottage
    magpiecottage Posts: 9,241
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    Can you name the worst you have come across?

    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
    Totton Posts: 981 Forumite
    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.
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