St Jame's Place Review

barnstar2077

Hi all,

I have read a few posts about SJP on here before and found this review to be quite eye opening:

https://www.youtube.com/watch?v=F-UP-XDUPWM

lpgm

Just for those who can't watch it all, how was it eye opening?

Brilley

..just states what most of us know and has been reported on this forum...
eg high fees / exit fees and under-performance...

jsinc

The link to how much of your investment return you will actually get to keep after annual fees (T-Rex score) is handy: https://larrybates.ca/t-rex-score/

OldBill

barnstar2077 wrote: »

Hi all,

I have read a few posts about SJP on here before and found this review to be quite eye opening:

https://www.youtube.com/watch?v=F-UP-XDUPWM

OK so far as it goes - but the reviewer still fails to explain what every other critic of SJP fails to explain: why, in the face of the high charges and (somewhat) under-performance, does SJP continue to command loyalty and support and a lion's-share of the UK wealth management market.

The explanation that its clients are all to thick or lazy to bother shifting their assets elsewhere just won't cut the mustard. There has to be more to it than that. What it is, i don't know, and I suspect other critics of SJP don't know either, and it bugs the hell out of them.

Similarly with hedge funds. Anyone who has read Simon Lack's The Hedge Fund MIrage will be left scratching their heads as to why any "sophisticated" investor, individual or corporate, would even look at a HF. But they do. They can't all be plain stupid, surely?

It's a puzzle alright.

barnstar2077

OldBill wrote: »

OK so far as it goes - but the reviewer still fails to explain what every other critic of SJP fails to explain: why, in the face of the high charges and (somewhat) under-performance, does SJP continue to command loyalty and support and a lion's-share of the UK wealth management market.

The explanation that its clients are all to thick or lazy to bother shifting their assets elsewhere just won't cut the mustard. There has to be more to it than that. What it is, i don't know, and I suspect other critics of SJP don't know either, and it bugs the hell out of them.

Similarly with hedge funds. Anyone who has read Simon Lack's The Hedge Fund MIrage will be left scratching their heads as to why any "sophisticated" investor, individual or corporate, would even look at a HF. But they do. They can't all be plain stupid, surely?

It's a puzzle alright.

I don't believe he mentions people being too thick or lazy in the review. In fact he quotes people as saying that the service they provide is key to customer loyalty and that this service is the primary reason that people use SJP and that many people are not concerned by costs at all. By service I mean the relationship between the customer and the adviser. It would seem that wealthy people who use SJP are more concerned with painlessly maintaining their wealth than they are about getting the best bang for their buck. There may also be a certain element of prestige attached to SJP for these people. As in "My successful friends use them, therefore if I do as well then I will be part of the in crowd too."

to_jackie_too

Wealthy people don't want to lose their wealth. So I can understand a focus on using a reputable provider. (Which SJP are, just a very expensive one.)

Finance is full of scams and dodgy schemes. You could "diversify" across ostrich farms, carpark spaces and altcoins, and still lose all your money. Many people, including people who are clever at other things (sometimes, that's how they became wealthy), feel completely lost with investing. It's easy to say that investing is simple (and if you're going to DIY, it is indeed best to keep it simple). But you need to know a certain amount, and also to have a certain level of self-confidence, to be able to set up and stick with a "simple" plan. (Even if it is just shoving all spare cash in a multi-asset fund, inside a stocks & shares ISA — or is it inside a pension? — or a LISA? Oh dear, perhaps it's not quite so simple ...)

If you're not ready to DIY, it's easy to say that an IFA (with the emphasis on the I) can do the same job as SJP, only much more cheaply. And it's true. However, it's not surprising that a big national name feels more reputable to many people than a lot of small local IFAs. And that reassuring sales patter and those shiny brochures may even do some good, if they can persuade investors to stay invested when investments are going down.

IMHO, there are plenty of reasons why many people like being clients of SJP. No mystery at all.

talexuser

I would never use HL becuse of the fund charges, but many do because like the service and website. It's their choice and the extra 0.15% or so does not matter to them compared to the satisfactory service. Same must apply to SJP, a proportion might not realise just how badly the charges affect returns long term, but it can't be all, so the service comfort blanket must be worth it to them.

claire21

Ok so I don’t want to be shot down so please be gentle with me as I feel brave posting as a SJP client.

For me being put in the first place of needing financial advice it was very daunting. I approached my local SJP partner on the back of seeing an advert. My father was terminally ill and we didn’t have much of a plan , she held our hand right to the end she sorted a solicitor for my dad to get the correct will on his death with her coming to solicitors meetings . After his death she came with me to the family accountant who was pretty hopeless dealing with a family business and got me a new account and again came to meeting with him (this was hours and hours of time) She sorted out my share portfolio I had inherited from my grandfather that had just sat there for years. We got on so well that I went to her wedding. Next we had to deal with my grandmother with onset of Alzheimer’s and all her assets , I won’t go into it too much but we were on of the first to use an Octopus scheme which carried a 2 year rule again coming to solicitors with a plan he hadn’t heard of. She has retired now but still good friends. I feel she went above and beyond what any IFA would have done. Would I have been financially better off with an IFA ? .... maybe . Would I have had the experience that I needed facing 2 deaths in my family with an IFA ? ... I don’t think so.

I now have a new SJP advisor after her retirement and again I feel he knows me and my family and our goals really well , we talk for hours running things through in our minds and all the possible methods to get to where we want to be.

As you can see from the above there was lots of IHT planning they delt with , lots of trust funds set up , private school fees taken care of , making a business tax efficient etc etc there were some really complex planning that during chats they might not have had an immediate solution but within the organisation they were able to gain a solution that worked.

For me the fees were worth the ‘above and beyond’ service I’ve received.

barnstar2077

claire21 wrote: »

Ok so I don’t want to be shot down so please be gentle with me as I feel brave posting as a SJP client.

For me being put in the first place of needing financial advice it was very daunting. I approached my local SJP partner on the back of seeing an advert. My father was terminally ill and we didn’t have much of a plan , she held our hand right to the end she sorted a solicitor for my dad to get the correct will on his death with her coming to solicitors meetings . After his death she came with me to the family accountant who was pretty hopeless dealing with a family business and got me a new account and again came to meeting with him (this was hours and hours of time) She sorted out my share portfolio I had inherited from my grandfather that had just sat there for years. We got on so well that I went to her wedding. Next we had to deal with my grandmother with onset of Alzheimer’s and all her assets , I won’t go into it too much but we were on of the first to use an Octopus scheme which carried a 2 year rule again coming to solicitors with a plan he hadn’t heard of. She has retired now but still good friends. I feel she went above and beyond what any IFA would have done. Would I have been financially better off with an IFA ? .... maybe . Would I have had the experience that I needed facing 2 deaths in my family with an IFA ? ... I don’t think so.

I now have a new SJP advisor after her retirement and again I feel he knows me and my family and our goals really well , we talk for hours running things through in our minds and all the possible methods to get to where we want to be.

As you can see from the above there was lots of IHT planning they delt with , lots of trust funds set up , private school fees taken care of , making a business tax efficient etc etc there were some really complex planning that during chats they might not have had an immediate solution but within the organisation they were able to gain a solution that worked.

For me the fees were worth the ‘above and beyond’ service I’ve received.

Thank you for your response Claire.

My mum passed away earlier this year, so I have great sympathy for the position you found yourself in. I am glad that you were able to find the help that you needed at such a difficult time.

atush

claire21 wrote: »

Ok so I don’t want to be shot down so please be gentle with me as I feel brave posting as a SJP client.

For me being put in the first place of needing financial advice it was very daunting. I approached my local SJP partner on the back of seeing an advert. My father was terminally ill and we didn’t have much of a plan , she held our hand right to the end she sorted a solicitor for my dad to get the correct will on his death with her coming to solicitors meetings . After his death she came with me to the family accountant who was pretty hopeless dealing with a family business and got me a new account and again came to meeting with him (this was hours and hours of time) She sorted out my share portfolio I had inherited from my grandfather that had just sat there for years. We got on so well that I went to her wedding. Next we had to deal with my grandmother with onset of Alzheimer’s and all her assets , I won’t go into it too much but we were on of the first to use an Octopus scheme which carried a 2 year rule again coming to solicitors with a plan he hadn’t heard of. She has retired now but still good friends. I feel she went above and beyond what any IFA would have done. Would I have been financially better off with an IFA ? .... maybe . Would I have had the experience that I needed facing 2 deaths in my family with an IFA ? ... I don’t think so.

I now have a new SJP advisor after her retirement and again I feel he knows me and my family and our goals really well , we talk for hours running things through in our minds and all the possible methods to get to where we want to be.

As you can see from the above there was lots of IHT planning they delt with , lots of trust funds set up , private school fees taken care of , making a business tax efficient etc etc there were some really complex planning that during chats they might not have had an immediate solution but within the organisation they were able to gain a solution that worked.

For me the fees were worth the ‘above and beyond’ service I’ve received.

What you consider above and beyond i consider normal for paid advice. And I think with SJP you overpaid

But you are happy so i am happy you are happy. If you are happy with the price you paid and happy with t eh high fees to move out of SJP then fine