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St James Place Investment
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# 1
mon123
Old 11-08-2008, 7:31 PM
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Question St James Place Investment

please can anyone help . at present we have investments with the halifax of approx 70,000.we have been invited to to move the money, and invest with st james place patnership. as we have never invested before we are quite unsure on what to do for the best. please please please can anyone help !!!
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# 2
bigbloke45
Old 11-08-2008, 7:58 PM
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St. James Place is owned by HBOS, but is really run by the people who managed Hambro Life that became Allied Dunbar i.e Mike Wilson and Mark Weinberg.

Do you really want to invest in what is, essentially a direct sales operation?
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# 3
mon123
Old 11-08-2008, 8:10 PM
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would we be covered should anything go wrong .. and how can i check out if they are part of the fscs ( compensation scheme ) .. the money was left to us so there for we have no investment knowledge . thanks
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# 4
Blowsy
Old 11-08-2008, 8:11 PM
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if you like the advisor and feel you can trust him/her then go for it.
st james's place are not an independant advisor so on this website they're often given a hard time. what most people don't understand their approach to investment management and look primarily at their status as a tied advisor.

to kid yourself into thinking that being independant means "not sales orientated" is total rubbish.

good company in my opinion but you've got to like the advisor!
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# 5
Blowsy
Old 11-08-2008, 8:12 PM
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Quote:
Originally Posted by mon123 View Post
would we be covered should anything go wrong .. and how can i check out if they are part of the fscs ( compensation scheme ) .. the money was left to us so there for we have no investment knowledge . thanks
they are authorised and regulated by the FSA and therefore covered by the FSCS.
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# 6
jem16
Old 11-08-2008, 8:39 PM
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Quote:
Originally Posted by Blowsy View Post
i
st james's place are not an independant advisor so on this website they're often given a hard time. what most people don't understand their approach to investment management and look primarily at their status as a tied advisor.
A tied adviser will only be able to offer their own products. So approx 28 funds availabel as opposed to over 1000 from a funds supermarket.

Quote:
to kid yourself into thinking that being independant means "not sales orientated" is total rubbish.
Being independent means they are not working for any one company - they are working for the client.

Quote:
good company in my opinion
Fine if you like a company where some of their advisers have tried to say that they are IFAs. Now why would they do that?

Last edited by jem16; 11-08-2008 at 8:47 PM.
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# 7
jem16
Old 11-08-2008, 8:44 PM
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Quote:
Originally Posted by Blowsy View Post
they are authorised and regulated by the FSA and therefore covered by the FSCS.
As you say they are covered for investments up to 48,000.

Of course if an IFA places your investments with a funds supermarket your investments will be spread around lots of different providers thus reducing the risk.
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# 8
Kavanne
Old 11-08-2008, 8:47 PM
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My dad was a partner at SJP and he was an alright bloke. Not that that helps.
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# 9
cheerfulcat
Old 11-08-2008, 8:49 PM
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Quote:
Originally Posted by mon123 View Post
at present we have investments with the halifax of approx 70,000.
Investments or cash deposits? That is to say, do you have actual investment products, or just savings accounts?

Quote:
we have been invited to to move the money, and invest with st james place patnership.
Invited by whom?


Quote:
as we have never invested before we are quite unsure on what to do for the best. please please please can anyone help !!!
Well, calm down for a start! There's no rush to do anything, especially if the money is sitting in cash. Just make sure that you're getting a decent interest rate for now.

No-one here is allowed to give you investment advice but we can point you in roughly the right direction. You need to give us some more information though. So - do you have any debts ( this includes any mortgage )? Do you need/want to supplement your income? Have you any large expenses coming up, either in the near future or perhaps further out ( new house or school/uni fees for example )? Have you planned for retirement?
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# 10
mon123
Old 11-08-2008, 9:13 PM
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it is a cash deposit . i am in no debt , no mortgage , no kids , no commitments . an advisor who previously worked for the halifax has asked us to move to st james place.
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# 11
cheerfulcat
Old 11-08-2008, 9:22 PM
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So you are free to save/invest this money for the long-term? And this is what you wish to do? If so, then you have several choices, mainly split along the lines of DIY or pay someone else to do it.

Edit - I should say that neither bank employees nor tied advisors would be my first choice for advice.

Last edited by cheerfulcat; 11-08-2008 at 9:24 PM.
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# 12
mon123
Old 11-08-2008, 9:26 PM
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yes , as this is money we have never had , hence why we need the advise .
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# 13
jem16
Old 11-08-2008, 9:30 PM
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Quote:
Originally Posted by mon123 View Post
an advisor who previously worked for the halifax has asked us to move to st james place.
Do you mean that the adviser who worked for the Halifax now works for St James's Place and he wants you now to invest with him at St James's Place?

There is a previous thread on St James's Place here;

http://forums.moneysavingexpert.com/...ames%27s+place

I would agree with Cheerfulcat - if you need advice on investments see an IFA and not a bank's sales rep or a tied employee.
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# 14
cheerfulcat
Old 11-08-2008, 9:39 PM
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Quote:
Originally Posted by mon123 View Post
yes , as this is money we have never had , hence why we need the advise .
You can find an IFA here.

( Interesting Russian spam reported btw )
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# 15
dunstonh
Old 11-08-2008, 10:46 PM
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Quote:
st james's place are not an independant advisor so on this website they're often given a hard time. what most people don't understand their approach to investment management and look primarily at their status as a tied advisor.

to kid yourself into thinking that being independant means "not sales orientated" is total rubbish.
St James Place is a sales force. A very slick and professional one (at presentation) . However, it has a limited product range and there are heavy sales targets. If you use a St James place rep then they are employed by St James Place. If you use an IFA they are employed by you.

Independent means whole of market product choice (and not a limited range from the tied rep) and the option to pay by a variety of methods for the advice, including a fee which is not dependent on products sold. An option not present with St James Place.

Personality is not something that is regulated so there is no reason why an SJP sales rep (as they will be known after the FSA RDR proposals come in) will be any better or worse than anyone else. However, purely from a product and range point of view, they cannot come close to what an IFA can offer.
I am a Financial Adviser. 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 a Financial Adviser local to you.
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# 16
stu20001
Old 12-08-2008, 4:12 PM
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Quote:
Originally Posted by dunstonh View Post
...there is no reason why an SJP sales rep (as they will be known after the FSA RDR proposals come in) will be any better or worse than anyone else. However, purely from a product and range point of view, they cannot come close to what an IFA can offer.
This is interesting - I'm just in the process of seeing an adviser (I'll continue to use that term for now until things are clearer) - He operates through his own company but is also connected to SJPP. He only offers SJPP's investment vehicles but seems to be 'independent' on matters like life assurance, mortgages etc. I'll admit I haven't had time to read the Key facts stuff properly yet (I only saw him on Friday) but I am slightly confused as to where he sits in the scheme of things........

As far as the SJPP funds go, any ideas where I can get some info on their performance?
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# 17
LongTermLurker
Old 12-08-2008, 4:42 PM
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Quote:
Originally Posted by cheerfulcat View Post
( Interesting Russian spam reported btw )
Que??? :confused:
You've never seen me, but I've been here all along - watching and learning...
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# 18
jem16
Old 12-08-2008, 4:46 PM
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Quote:
Originally Posted by LongTermLurker View Post
Que??? :confused:
It was removed.
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# 19
jem16
Old 12-08-2008, 4:48 PM
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Quote:
Originally Posted by stu20001 View Post
This is interesting - I'm just in the process of seeing an adviser (I'll continue to use that term for now until things are clearer) - He operates through his own company but is also connected to SJPP. He only offers SJPP's investment vehicles but seems to be 'independent' on matters like life assurance, mortgages etc. I'll admit I haven't had time to read the Key facts stuff properly yet (I only saw him on Friday) but I am slightly confused as to where he sits in the scheme of things........
He's not an IFA but a tied "adviser".

Quote:
As far as the SJPP funds go, any ideas where I can get some info on their performance?
They don't subscribe to Trustnet. Citywire does have some info on them;
http://www.citywire.co.uk/selector/s...st+james+place
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# 20
dunstonh
Old 12-08-2008, 5:35 PM
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Quote:
He only offers SJPP's investment vehicles but seems to be 'independent' on matters like life assurance, mortgages etc.
The FSA have three classifications for advice. Investment business, mortgages and general insurance. You can be independent or whole of market in one but not another or any mix of that. SJP are tied for investments, whole of market for mortgages and panel for insurers.

Quote:
He operates through his own company but is also connected to SJPP.
Yes, self employed but attached is a common business model.

Quote:
I am slightly confused as to where he sits in the scheme of things........
Tied sales rep like most of the others. Most tied reps are whole of market on mortgages and panels on insurance are common.
I am a Financial Adviser. 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 a Financial Adviser local to you.
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