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    • bigbloke45
    • By bigbloke45 11th Aug 08, 7:58 PM
    • 1,943 Posts
    • 33,320 Thanks
    bigbloke45
    • #2
    • 11th Aug 08, 7:58 PM
    • #2
    • 11th Aug 08, 7:58 PM
    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?
  • mon123
    • #3
    • 11th Aug 08, 8:10 PM
    • #3
    • 11th Aug 08, 8:10 PM
    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
  • Blowsy
    • #4
    • 11th Aug 08, 8:11 PM
    • #4
    • 11th Aug 08, 8:11 PM
    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!
  • Blowsy
    • #5
    • 11th Aug 08, 8:12 PM
    • #5
    • 11th Aug 08, 8:12 PM
    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
    Originally posted by mon123
    they are authorised and regulated by the FSA and therefore covered by the FSCS.
    • jem16
    • By jem16 11th Aug 08, 8:39 PM
    • 18,135 Posts
    • 10,718 Thanks
    jem16
    • #6
    • 11th Aug 08, 8:39 PM
    • #6
    • 11th Aug 08, 8:39 PM
    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.
    Originally posted by Blowsy
    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.

    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.

    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.
    • jem16
    • By jem16 11th Aug 08, 8:44 PM
    • 18,135 Posts
    • 10,718 Thanks
    jem16
    • #7
    • 11th Aug 08, 8:44 PM
    • #7
    • 11th Aug 08, 8:44 PM
    they are authorised and regulated by the FSA and therefore covered by the FSCS.
    Originally posted by Blowsy
    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.
    • Kavanne
    • By Kavanne 11th Aug 08, 8:47 PM
    • 5,018 Posts
    • 2,551 Thanks
    Kavanne
    • #8
    • 11th Aug 08, 8:47 PM
    • #8
    • 11th Aug 08, 8:47 PM
    My dad was a partner at SJP and he was an alright bloke. Not that that helps.
    • cheerfulcat
    • By cheerfulcat 11th Aug 08, 8:49 PM
    • 3,173 Posts
    • 1,350 Thanks
    cheerfulcat
    • #9
    • 11th Aug 08, 8:49 PM
    • #9
    • 11th Aug 08, 8:49 PM
    at present we have investments with the halifax of approx 70,000.
    Originally posted by mon123
    Investments or cash deposits? That is to say, do you have actual investment products, or just savings accounts?

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


    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?
  • mon123
    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.
    • cheerfulcat
    • By cheerfulcat 11th Aug 08, 9:22 PM
    • 3,173 Posts
    • 1,350 Thanks
    cheerfulcat
    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.
  • mon123
    yes , as this is money we have never had , hence why we need the advise .
    • jem16
    • By jem16 11th Aug 08, 9:30 PM
    • 18,135 Posts
    • 10,718 Thanks
    jem16
    an advisor who previously worked for the halifax has asked us to move to st james place.
    Originally posted by mon123
    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/showthread.html?t=810179&highlight=st+james%27s+pl ace

    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.
    • cheerfulcat
    • By cheerfulcat 11th Aug 08, 9:39 PM
    • 3,173 Posts
    • 1,350 Thanks
    cheerfulcat
    yes , as this is money we have never had , hence why we need the advise .
    Originally posted by mon123
    You can find an IFA here.

    ( Interesting Russian spam reported btw )
    • dunstonh
    • By dunstonh 11th Aug 08, 10:46 PM
    • 81,081 Posts
    • 46,335 Thanks
    dunstonh
    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 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 a Financial Adviser local to you.
  • stu20001
    ...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.
    Originally posted by dunstonh
    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?
  • LongTermLurker
    ( Interesting Russian spam reported btw )
    Originally posted by cheerfulcat
    Que??? :confused:
    You've never seen me, but I've been here all along - watching and learning...
    • jem16
    • By jem16 12th Aug 08, 4:46 PM
    • 18,135 Posts
    • 10,718 Thanks
    jem16
    Que??? :confused:
    Originally posted by LongTermLurker
    It was removed.
    • jem16
    • By jem16 12th Aug 08, 4:48 PM
    • 18,135 Posts
    • 10,718 Thanks
    jem16
    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........
    Originally posted by stu20001
    He's not an IFA but a tied "adviser".

    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/search.aspx?Phrase=st+james+place
    • dunstonh
    • By dunstonh 12th Aug 08, 5:35 PM
    • 81,081 Posts
    • 46,335 Thanks
    dunstonh
    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.

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

    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 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 a Financial Adviser local to you.
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