Prudential to St James Place

Malthusian

Moneysaver1970 wrote: »

Hi i mentioned Yodlear and was told it was set up by an adviser banned by the fca who is a lead generator

It was set up by William Deery and I can't find anything about him being banned. I think your adviser may be confusing him with Gareth Flanagan, who was Head of Client Acquisition at Deery's previous business, Econnexx.

Although the source may be a bit dubious, the review is based on facts. I wouldn't sign up for Yodelar's mailing list though.

Aegis

I wouldn't trust any adviser who chose to sell to SJP. They've made a decision to make their own life easier and more lucrative by binding themselves to a very restricted and expensive offering, albeit one with good marketing.


I don't see how anyone makes that decision if they want to look out for their clients' best interests.

jaybeetoo

Moneysaver1970 wrote: »

Thanks for replies. Give me something to chat with her

If you are moving to a similar fund all you are doing is paying your FA 5% of your investment for nothing. You’ll end up with 5% less money invested.

Time to find yourself a new IFA.

Alexland

Moneysaver1970 wrote: »

Thanks for replies. Give me something to chat with her

I don't see why you are bothering as she is only going to sell you unattractive SJP products.

Go and meet some IFAs or learn to do DIY well.

DrSyn

Moneysaver1970 wrote: »

Hi i mentioned Yodlear and was told it was set up by an adviser banned by the fca who is a lead generator

There is still the Which? report:-

https://www.which.co.uk/news/2017/07/exclusive-wealth-manager-st-jamess-place-misleading-customers-on-charges/

SJP have high charges and are not IFA's (just FA's).

Any of the above would be sufficient to stop me going to them if I ever need to look for advice.

You write that your Prudential investment has done quite well, with not a lot of risk. So why bother to move now?

I can see why your adviser would want you to move and reinvest into a SJP fund. They do not want to lose income generated from you.

Boleyn19

DrSyn wrote: »

There is still the Which? report:-

https://www.which.co.uk/news/2017/07/exclusive-wealth-manager-st-jamess-place-misleading-customers-on-charges/ SJP have high charges and are not IFA's (just FA's).

As mentioned on a previous thread. My parents were with SJPP for many years and with the same FA. I have recently inherited half the remaining portfolio. I was left some when my Dad died and removed the finds to my IFA's platform. I am wondering what to do now. I can ask about the fees but what are the "exit fees" which have been mentioned?

DrSyn

Boleyn19 wrote: »

As mentioned on a previous thread. My parents were with SJPP for many years and with the same FA. I have recently inherited half the remaining portfolio. I was left some when my Dad died and removed the finds to my IFA's platform. I am wondering what to do now. I can ask about the fees but what are the "exit fees" which have been mentioned?

What is normally meant by exit fee:-

Its a charge on you when you want to move your portfolio somewhere else. Its there to discourage you from moving and can be high.

you might also like to look at these,

https://www.redwoodfinancial.co.uk/sjp-errors-see-exit-fees-waived/

https://financialadvicenow.co.uk/crack-the-code-of-advisers-fees/

Boleyn19

DrSyn wrote: »

What is normally meant by exit fee:- It's a charge on you when you want to move your portfolio somewhere else. Its there to discourage you from moving and can be high.

I read the article about the case and it says moving within 6 years of the original investment. As these investments are my parents and only being transferred into my name, will they try and charge me fees if I move some or all of them?

Thanks

DrSyn

Boleyn19 wrote: »

I read the article about the case and it says moving within 6 years of the original investment. As these investments are my parents and only being transferred into my name, will they try and charge me fees if I move some or all of them?

Thanks

Only SJP can answer that question.

Judging by what I have read about them, I expect that as you want to leave them, they will try to extract as much money from you before you go. Of course I may be wrong.

You already had an experience of their efficiency.

All I can say is good luck. Let us know how you get on,

This is not about SJP but it may be of interest:-

https://www.moneyobserver.com/your-finances/editors-comment-brokers-platform-exit-fees-should-be-shown-door

https://www.theguardian.com/money/2019/mar/14/fca-plans-clampdown-on-investment-platform-exit-fees

SweatyBald

I have a thread on this, but the forum responses were surprisingly extreme. I've been with them since 2012 and I've engaged an IFA to give me an independent assessment of their returns and fees versus some industry benchmarks.
I've done this because of the bad rep and press I've read, not because I'm unhappy with the performance or (especially) the service. But after 7 years I do want to quantify the premium I'm paying for the service.
You can PM me if you want to find out what the IFA says, which should be in a few days.