Inheritance Tax: Save £100,000s with simple advanced planning Article Discussion

tenuissent

St James's Place, which anyone can find via Google or as below. They specialise in minimising Inheritance Tax via Discretionary Trusts and various other means.

http://www.sjp.co.uk/portal/internet/productsservices

jem16

Are you sure you want to go to St James's Place? They are not independent financial advisers.

http://forums.moneysavingexpert.com/showthread.html?t=241739&highlight=st+james%27s+place

tenuissent

I can only say we've come to trust them, after going to a couple of public presentations and having face to face long discussions with many questions from us about what is in it for them, and what could go wrong.

They have to make money, obviously, and apparently that is from managing the Discretionary Trust once they have set it up. We are financially fairly naive, so this is not much of a recommendation, but we think the figures add up, and we are confident that they will continue to answer questions that arise in the future, and give us peace of mind.

This may not be the cheapest way to make IHT arrangements, but confidence and peace of mind are worth paying for, we think.

Tiggs_2

You won't find many people on here in favour of using an SJP partner because they are not independent and they are not cheap. Your average poster on here is a long way from being the typical client of theirs, horses and courses.

So...before the back lash starts Although they are not independent their fund management approach is very simple and works well. Their charging structure is on a par with many IFAs and certainly cheaper than IFAs who still favour taking big up front commission's. They have a very strong focus on ongoing client service and, as such, their customer satisfaction is normally very high.

You could find cheaper (and thats what this sites members will often point you towards) Think of them as a financial BMW, there are cheaper cars, there are cars with a better image among those who cant afford them.......but anyone driving a 750 is normally pretty happy with their choice.


T

jem16

As an SJP partner Tiggs, you would be rather biased on this.

What is their charging structure by the way? How does it compare with an IFA?

tenuissent

PS Scotland is my land too. East Fife.

Tiggs seems to have explained why some would go down the "sjp route", and why others haven't, in an understandable way.

jem16

I have no problem with whatever your choice is and I hope it all turns out well for you.

I just felt you should be aware of their non-independent status in case that was important to you. I too prefer to pay for advice rather than going DIY. However for me it is important to deal with an adviser who will be able to offer me products from the whole market.

No need to pay for the BMW if the Vauxhall does the job better.

Tiggs_2

jem,

I have no need to be biased - my clients are a very narrow band of consumers that are never likely to find themselves reading a site like this. I work for myself, no one else - so i have no need to promote any adviser over another. I have worked in most sectors of the sales side of financial services as an employee and as a business owner (both IFA and non IFA) so i am able to comment from a position of experience. I have met IFA's that will take 7.5% upfront and offer advice my dog could better - i have also met tied agents that had knowledge far beyond any i would ever attain and were happy to pass it on to clients without charge or obligation. To break the industry down into two sectors and label them good and bad is oversimplistic.

At the end of the day SJP getting the poster's business is of no benefit to me.......i just feel that, in an environment that is often blinkered by cost saving, its worth being aware of the alternative view point.

and if ever you need an example of such blinkered thinking......your suggestion that a Vauxhall can do anything well (apart from depreciate) says it all

jem16

Tiggs wrote: »

jem,

I have no need to be biased - my clients are a very narrow band of consumers that are never likely to find themselves reading a site like this. I work for myself, no one else - so i have no need to promote any adviser over another.

Tiggs - first of all I'm not getting at you and I'm sure you do a good job for your clients.

Going back to the thread I linked to you were about to become an SJP partner and therefore give up your IFA status. So are you or are you not an SJP partner?

I have worked in most sectors of the sales side of financial services as an employee and as a business owner (both IFA and non IFA) so i am able to comment from a position of experience.

Fair enough.

I have met IFA's that will take 7.5% upfront and offer advice my dog could better

I quite agree - these are the IFAs to avoid. However you have yet to reply to my question about SJP's charges - how do they compare?

- i have also met tied agents that had knowledge far beyond any i would ever attain and were happy to pass it on to clients without charge or obligation.

Very few and far between though. They are also limited to the products that they can offer and these are not necessarily the best.

To break the industry down into two sectors and label them good and bad is oversimplistic.

You are correct, it is over simplistic. However most of the complaints come from people who have seen non-independent advisers, especially those working in banks.

At the end of the day SJP getting the poster's business is of no benefit to me.......i just feel that, in an environment that is often blinkered by cost saving, its worth being aware of the alternative view point.

I have no problem with that.

and if ever you need an example of such blinkered thinking......your suggestion that a Vauxhall can do anything well (apart from depreciate) says it all

As you said yourself a name does not guarantee quality. I've owned good and bad Vauxhalls and good and bad Volkswagens. Never felt the need to spend so much on a BMW though.

What matters most is the choice and that is what is limited with a tied agent.

Tiggs_2

ohhhh...too many questions

I'm not so sure that the example of a good tied agent is a rare one - i worked as a tied agent for a few life companies when i started and met many good advisers who were far removed from the stereo type....i never met many unscrupulous advisers until i went IFA! I found too many rested on their "status" and felt that they could get away with lower quality of customer services. I was told a few times "dont bother with doing all that work for your clients...you dont need to now you're an IFA"

The issue of limited products is a fair one - but not one that has ever affected me in my line of work. As an IFA i sold a limited product range because i work with a limited section of society with very similar needs.

SJP charges - bit more expensive than average probably sums it up.

Heres how i view it - i was selling cars to people with a fair bit to spend and a desire to have a nice one with a good reputation and good service. As such, i often found myself (as an independent) selling a rear wheel drive german salon. Sometimes BMW, sometimes AUDI, sometimes a Merc.

BMW came to me and said "work with us" - for me that reduction in choice is minimal. If i was a jack of trades garage then that reduction in choice would have crippled me.

The poster in question seems like they are after a service that the people they are talking with are very good at offering, if they were after the cheapest term cover quote it would be something quite different and choice would be much more important.

When i was tied to FP many years ago i used to believe that my ADVICE was as good as any IFAs, only my selection of companies to enact that advice was limited. When i turned IFA i found that was true - my advice was the same, i could just pick from a wider range......but in the long run is standard life better than NU...or AXA better than Scot Eq?

anyway - as i said, not here to push one option over another - just keep a balance.

I have owned a few BMW's by the way.....never had a bad one yet