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

cheerfulcat

It occurred to me that the guarantee was worthless, but I didn't want to say so to the FA ( fairly certain they're tied, btw ). Also, I couldn't get a straight answer as to their status ( independent or otherwise ) and whether they could recommend other funds outside of the SJP ones...I may get another crack at it, though, because a "partner" is going to ring me back to arrange an appointment - they are unbelievably pushy!

dunstonh

That's salesforces for you CC. Any IFA makes a point of being independent. Some tied agents or mulit-tied (in particular) will try to make out that they are independent without saying the magic word "independent". To be honest, I do not know their status.

nice bit of detective work btw.

whiteflag_3

dunstonh wrote:

That's salesforces for you CC. Any IFA makes a point of being independent. Some tied agents or mulit-tied (in particular) will try to make out that they are independent without saying the magic word "independent". To be honest, I do not know their status.

nice bit of detective work btw.

They are Allied Dunbar with fancy stationary.
As it says on their website the words "partner" and " partnership" are marketing terms.

My client got an invite to one of their surgerys- turns out what they meant was come in for a meeting with one our salesmen.

cheerfulcat

They do come across as salesmen - the "partner" couldn't wait to come round to have a chat with me ( I discouraged him ). They are tied advisors; they sell the SJP product. It is hard to judge the performance as I can't find any records of it but I would expect a fund of funds ( which is what he said they were ) to be expensive...I am still waiting for the brochures they were supposed to send me but I get the feeling that they would rather you looked at them with a "partner".

dunstonh

There was a mystery shopper in this weeks financial advisor this week that range a St James Place member and it put them down as an IFA Multi Tie!!! -new FSA category there!!

quote: "he was confident in his description of hte processes used within St James's Place. He explained how his advice was not independent and gave an explanation of why this could be an advantage"

Shame they didnt say what the explanation was as I would love to see the SPIN on how a tied agent can be better than an IFA.

quote" He said the shopper had nothing to lose by seeing what the firm had to offer. He said a great deal of it's business was ISA Transfers whcih could be arranged if the shopper liked what was offered"

In other words, they churn ISA funds into inferior funds but as it's a tied agent, it's put down as client decision and not recommended and therefore they are not liable for the churn.

tyrone100

The guarantee provided by St James's Place relates to the advice provided and not the investments. If you are given bad advice by one of their partners(salespeople) they guarantee to put you back in the position you would have been in had the advice not been given.

It is a bit of marketing spin really as all financial advisers are governed by the Financial Services Authority who will ensure that they compensate customers in cases where bad advice has been given.

As to the performance of their funds it is difficult to say whether they stack up against the competition or not. You pay your money and take your choice. As they say 'past performance is no guide to future performance'.

whiteflag_3

tyrone100 wrote:

It is a bit of marketing spin really as all financial advisers are governed by the Financial Services Authority who will ensure that they compensate customers in cases where bad advice has been given.

Having had a good look at their promotional material it is full of marketing spin.

Seems bizarre to me the real concern on this chat forum from professional advisers that they dare not go near anything that may be deemed as advice in fear of FSA reprisal, yet these major national companies pedal fiction as part their sales process.

I think the FSA should be looking at much bigger fish to fry before they worry about the contents of this site!

dunstonh

I think the FSA should be looking at much bigger fish to fry before they worry about the contents of this site!

Look forward to seeing you in next weeks money marketing when the FSA have taken their saucepan out to you

whiteflag_3

dunstonh wrote:

Look forward to seeing you in next weeks money marketing when the FSA have taken their saucepan out to you

Cheers :beer:

Going to join Millfield. No problem with the FSA then

Helen_from_yorkshire

I am aware that this company conduct presentations after briefing sessions for Army personnel regarding their pensions. I'm unsure what involvement the Army have in terms of arranging these presentations but how cynical given that the personnel concerned have just received important financial advice regarding their pension, commutation and what to do with these funds! Then immediately after ...