Have you heard of St James's Place

whiteflag_3

More reasons not to use SJP

http://forums.moneysavingexpert.com/showthread.html?goto=newpost&t=248927

dunstonh

Whilst one can not legislate for the odd individual who may break the rules it does appear that we have another SJP "Partner" pretending to be an IFA. Thats two mentions of SJP on the forums in the last few weeks and both giving impression that they are independent...

In the interests of fairness, it should be made clear that a lot of tied agents pretend or infer that they are independent and is not unique to SJP.

Tiggs_2

dunstonh wrote:

In the interests of fairness, it should be made clear that a lot of tied agents pretend or infer that they are independent and is not unique to SJP.

lol....so in the interest of fairness.....all those tied blokes are liars

The reason SJP partners (or any tied) adviser lies about their status (if thats what they are doing)....is because they are idiots. If they work in a way that they are affraid to explain to their clients they are fools and should work elsewhere.

People buy people...not status and EVERYONE in financial sales knows that...if you still hide behind a status that is not your own then your a crap salesman and deserve all the hassle you are heading towards.

I should declare, as an IFA i once pretended to work for Tescos but the lass asking where the coffee was kept was real hot!

Poppy9

Update:

Met with advisor and told him I'm unhappy etc. He apologised for not saying about his change in status but stood by his recommendation. Told me I was unlucky in that when I bought with a lump sum in Jan 06 (£6k) that this bought too high and market has since reduced whereas the money I have invested monthly since then is ok. I told him I wanted to withdraw the current value of £7k as it's to pay for a shortfall in my endowment mortgage which is due to end in 2010/11 so I didn't want to risk it etc. He said rather than just put it into a BS I should invest it in SJP Corp Bond fund and continue to make monthly payments into SJP UK prog growth fund as this will out perform BS.

Thoughts/advice?

I'm tempted to go it alone but don't know where to go. Also how do I keep it as an ISA?

dunstonh

I'm tempted to go it alone

Yep. Im not impressed with the response. Why withdraw it to reinvest with them and pay charges for the pleasure of being tied to SJP when you could transfer within the exisiting fund supermarket (or to another one if required) with no cost?

It seems a bit too simplistic to me. Also, Jan investments being 6k down still would suggest a higher risk portfolio - given your concerns about the drop, is it invested above your risk profile?. I am finding all my pre March 06 investments are now back in profit with only the above average risk ones still down and they are not too far off (upper end of the risk scale such as Asia saw 15% drop in that period. UK is just above break even with income distribtions included).

Poppy9

dunstonh wrote:

........ Why withdraw it to reinvest with them and pay charges for the pleasure of being tied to SJP when you could transfer within the exisiting fund supermarket (or to another one if required) with no cost?).

Sorry I don't understand this bit.

This is where the money is at present

dunstonh

Its an assumption but its possible/probable that they would charge you on fund switches. Or even worse, draw the money out only to invest it again hitting you for more charges... assuming the worst (which may or may not be fair).

What you could say to him is OK, I will do that, lets transfer the ISA to a fund supermarket and select from Invesco Perpetual, Schroder etc and have a lower risk portfolio. - As he isnt an IFA he cant do that and it gives you the reason you need to walk away