ST JAMES PLACE "PARTNERSHIP"- One for the non IFAs

whiteflag_3

A client has given me a copy of a letter from the St Jame's Place Partnership
which states "the advice we give is guaranteed". "For this reason your your existing advisor,IFA.......cannot show you the exclusive range of services offered by the Partnership."

Can anyone shed any light these products/guarantees?

cheerfulcat

Hi, whiteflag,

A quick Google turned up this bit of info.

Some discussion at TMF .

Edited so as not to get MSE into bother!

whiteflag_3

cheerfulcat wrote:

Hi, whiteflag,

A quick Google turned up this bit of info.

Some discussion at TMF .

Edited so as not to get MSE into bother!

Thanks but shame you felt you had to edit?

Given the banter that goes on amongst certain parties Im surprised there has been so little response.

My post was not tongue in cheek, I am hoping someone can shed light on these "guarantees" . Surely this is a MSE issue. If people invest in a less competitive product because they think there is a guarantee they could be worse off. :eek:

cheerfulcat

I edited because there was a slight chance that my original post might have been seen as libellous and I didn't want to get MSE into hot water! Especially since St James' Place seems to be associated with the Halifax. Here's a copy of the guarantee, btw, for anyone who's interested. It seems rather oddly worded; all I can think is that the advisers are perhaps franchisees of some kind and that SJP guarantee that the advice given will be suitable, as long as the products sold are SJP's? I can't read it as a guarantee that the customer won't lose money but I suppose it could be taken that way...

whiteflag_3

Thanks again! I still cant see what the guarantee means, I think its totally misleading. What I cant understand is how they are allowed to get away with it by the FSA. If people in the industry cant understand what is being guaranteed what hope is there for Joe public. Also in this day and age, in my opinion financial advisory firms have to be preety sure of themselves ( or pretty stupid) if they are prepared to guarantee anything!.

I particularly like the the piece on their website that refers to their appointed reps as "elite professionals" - the local SJP rep I know of, used to manage the electrical dept of a superstore before he became an elite adviser.

I think i will give them a call on monday

cheerfulcat

I particularly like the the piece on their website that refers to their appointed reps as "elite professionals" - the local SJP rep I know of, used to manage the electrical dept of a superstore before he became an elite adviser.

LOL!!! Brilliant! Ed will love that

Here's another snippet ( towards the bottom ). It seems that SJP is 60% owned by the Halifax.


" In the Long Term Savings market, Halifax operates under its own brand in the bancassurance sector and, in the IFA sector, through Clerical Medical, a wholly owned-subsidiary of Halifax. In June 2000, Halifax added to its capabilities in this area through the acquisition of a 60 per cent interest in St James's Place Capital, a major UK provider of life insurance and investment products whose principal operation is the J Rothschild Assurance Group which sells exclusively through over 1,000 dedicated advisers who sell exclusively to higher net worth individuals. In addition to providing an extensive range of life assurance and pensions products, J Rothschild Assurance Group sells a St James's Place branded range of unit trusts."

EdInvestor

whiteflag wrote:

I particularly like the the piece on their website that refers to their appointed reps as "elite professionals" - the local SJP rep I know of, used to manage the electrical dept of a superstore before he became an elite adviser.

Possibly one of the Equitable lot in a former life? They ended up at least briefly at the Halifax IIRC. Many of them were originally from the army I am told, which is obviously an excellent training ground for anyone planning a career in financial services.;)

whiteflag_3

EdInvestor wrote:

Possibly one of the Equitable lot in a former life? They ended up at least briefly at the Halifax IIRC. Many of them were originally from the army I am told, which is obviously an excellent training ground for anyone planning a career in financial services.;)

Hoped someone might be able to shed any light on these "guarantees" :question:

cheerfulcat

whiteflag wrote:

Hoped someone might be able to shed any light on these "guarantees" :question:

OK, whiteflag, you owe me . I telephoned SJP and asked about the guarantee. It turns out that all it means is that if the advice they give turns out to be unsuitable ( putting a cautious investor into a speculative fund, for example ), they put you back in the position you would have been had they not thus advised you.

dunstonh

cheerfulcat wrote:

OK, whiteflag, you owe me . I telephoned SJP and asked about the guarantee. It turns out that all it means is that if the advice they give turns out to be unsuitable ( putting a cautious investor into a speculative fund, for example ), they put you back in the position you would have been had they not thus advised you.

ROFL. The same outcome with all other advisors then.

whiteflag_3

cheerfulcat wrote:

OK, whiteflag, you owe me . I telephoned SJP and asked about the guarantee. It turns out that all it means is that if the advice they give turns out to be unsuitable ( putting a cautious investor into a speculative fund, for example ), they put you back in the position you would have been had they not thus advised you.

Cheerfulcat -thanks for that- much obliged :beer:

Now you know Im going to be cynical and say that the guarantee is therefore not a guarantee just cheap marketing gimmick. If you go to any adviser these days and get unsuitable advice ,the adviser would be made to put you back in the same position. They are not guaranteeing you will get good advice, just that they might help you out if you get "bad" advice.

I cant see how it meets the FSA clear,fair and not misleading standard?