St James's place wealth management

donttouchwithabargepole

There are already a couple of good articles available on the internet about this company. In a nutshell, there are hoardes of partners (salesmen) around the country who can earn handsome commissions to persuade you to invest in St James products whether it suits you or not. There are a couple of examples of mis-selling in the articles. A salesman with targets and incentives is likely to ignore what you want and tell you whatever will get him the sale. If you do choose to invest with St James Place, make sure you get everything in writing and check it's what you asked for or need. Query anything that doesn't sound right or you don't understand (also get this in writing). If you still don't understand, don't invest.

oldvicar

They invite you to some very nice lunches. No need to invest.

jonnyb

I stepped in at the last minute to save my mum from being persuaded by one of their salesmen to put all her current investments with them. I was too late to stop her doing one ISA with her, but got there in time to stop her considering cashing in some very well performing bonds, to move the money to them for an expensive up front fee.:mad:

Instead I helped her do a self select ISA in August 2011, and it is currently 7.5% up on capital growth, before any dividend re-investments. SJP were not predicting anywhere close to that !:D

Aegis

jonnyb wrote: »

I stepped in at the last minute to save my mum from being persuaded by one of their salesmen to put all her current investments with them. I was too late to stop her doing one ISA with her, but got there in time to stop her considering cashing in some very well performing bonds, to move the money to them for an expensive up front fee.:mad:

Instead I helped her do a self select ISA in August 2011, and it is currently 7.5% up on capital growth, before any dividend re-investments. SJP were not predicting anywhere close to that !:D

Advisers can't offer predictions as to what they think your performance will be in the short term. I'm not specifically defending SJP here, but if you're referring to the illustrations they provide, those generally use industry-standard projections and should only really be used for comparing costs, not predicting performance.

dunstonh

SJP were not predicting anywhere close to that !

In that case, well done SJP. (not often I say that!)

Investments should not be predicted as future returns are unknown. Stochastic modelling is generally considered to be acceptable as a guide or using the FSA growth rates of 5,7 & 9% (reduced if lower risk assets used) but an invest could still have a mid rate projection of 5% and turn in 25% in a given year (just as it can turn in -25%)

Notanexpert_2

We've used SJP since our first mortgage ten years ago. They've been fine - have dealt with one person all these years, no pushiness and not pressured into signing something we don't want or understand. Meet annually to review circumstances and discuss any needs we might have, always sending written confirmation on what was discussed and what was agreed to update. Sent regular material about how our investments are doing. Even get birthday and Christmas cards every year!

dunstonh

Notanexpert wrote: »

We've used SJP since our first mortgage ten years ago. They've been fine - have dealt with one person all these years, no pushiness and not pressured into signing something we don't want or understand. Meet annually to review circumstances and discuss any needs we might have, always sending written confirmation on what was discussed and what was agreed to update. Sent regular material about how our investments are doing. Even get birthday and Christmas cards every year!

That is great. And how it should be when you look at the fees they are charging you. They are known for quality servicing in general but also known for being up there as one of the most expensive distribution channels going (I did a pension review last year and saved over £300,000 on charges over the term). Their investment options are also limited. If you think the servicing is worth that sort of money compared to any local IFA offering servicing then that is acceptable. You know the cost and limitations and you are making an informed choice.

nicolaspastor

Think twice (or more) before using this firm's services. I was looking for wealth management advice so asked a friend who recommended them. What a mistake. They are terrible

Qwerty09

For what it's worth, I found them superb. As I understand it, the adviser does not work for St James place (SJP). My adviser is self employed, but uses SJP products. What I liked was that this was one guy with the backing of a massive company, with a guarantee that if the advice were wrong, SJP would put me right (I've got this in writing..!!).

The adviser I spoke with was very patient, answered all of my questions and never once tried to pressure me into doing anything I didn't want to do, plus I never paid him anything until he set up my plans and then SJP paid him, which is fair enough (the IFAs wanted paying up front..!!)

I spoke with 3 IFAs, all of whom were small companies without the backing of a big company. I considered, where will they be in 5 years when I still need advice..? I agree with previous posts here that IFA firms have joined SJP, however the one I spoke to, who was in the process of joining SJP, told me this was because the regulatory and insurance costs were so great that they (the IFA firm) had no other choice than to join SJP.

It seems to me that there are IFAs posting on here and just having a go at SJP. They seem to be the biggest, so why not have a go at them..??

I think it comes down to the adviser rather than the firm, if you trust them and they are clear about everything, does it matter whether they are IFA or SJP or anyone else..??

dunstonh

For what it's worth, I found them superb.

No-one has ever argued that they provide a slick service. They should do when you consider what you pay for them. Last pension case of theirs I reviewed had £204,000 more in effect of charges than my recommendation. I cant match their slickness and brochures but I doubt they are really worth £204,000.

What I liked was that this was one guy with the backing of a massive company, with a guarantee that if the advice were wrong, SJP would put me right (I've got this in writing..!!).

That is just marketing rubbish. All advisers offer exactly the same levels of protection. Some may have more money than others but the regulations and consumer protection are the same.

The adviser I spoke with was very patient, answered all of my questions and never once tried to pressure me into doing anything I didn't want to do, plus I never paid him anything until he set up my plans and then SJP paid him, which is fair enough (the IFAs wanted paying up front..!!)

Strictly speaking, the IFAs are correct. The regulator said advice should not be dependent on the sale of a product. In reality, it can still happen. Don't worry though, SJP charges will soon pass the IFA fee.

I spoke with 3 IFAs, all of whom were small companies without the backing of a big company. I considered, where will they be in 5 years when I still need advice..?

What makes you think the same tied agent sales rep of SJP is going to be there in 3 years time? Employee advisers can suffer high turnover. However, owner/partner/director IFAs tend to be there long term.

I agree with previous posts here that IFA firms have joined SJP, however the one I spoke to, who was in the process of joining SJP, told me this was because the regulatory and insurance costs were so great that they (the IFA firm) had no other choice than to join SJP.

Whilst it is correct that costs keep rising and there are increasing regulatory issues on IFAs that is seeing many give up their IFA status, most are just moving to whole of market and dropping the high risk stuff that most people never use anyway. Going to single tied salesforce is extreme.

It seems to me that there are IFAs posting on here and just having a go at SJP. They seem to be the biggest, so why not have a go at them..??

SJP are not the biggest. They are probably one of the most commercially successful but again, given how expensive they are, that shouldn't be a surprise. Perhaps you have buyer remorse and realise you should have used an IFA or a restricted whole of market adviser and now prefer to try and justify it to yourself?

I think it comes down to the adviser rather than the firm, if you trust them and they are clear about everything, does it matter whether they are IFA or SJP or anyone else..??

Personality is something that does not recognise adviser status. You could get a good tied sales rep or a good IFA or a bad tied sales rep or a bad IFA. However, you do know when you buy from SJP that you are paying over the odds.