IFA moving to St James Place

littlemoney

Thank you for all you comments.

I will have a read through of the links and arrange a meeting with my IFA. This will enable me to raise my concerns with him as to whether they will still be actively managing my investment in the future. To date I have been happy where I am and if I can keep my money where it is and it will still be managed in the same way then I may remain with them.

Once I have read around the subject I may know more what questions to ask.

Alexland

littlemoney wrote: »

I will have a read through of the links and arrange a meeting with my IFA. This will enable me to raise my concerns with him as to whether they will still be actively managing my investment in the future. To date I have been happy where I am and if I can keep my money where it is and it will still be managed in the same way then I may remain with them.

If they have signed up to SJP they are no longer an IFA. An actively managed portfolio will require periodic review and fund changes where they will not be making whole market selection. There really is no point staying now they have sold you out. They will still try hard to keep you onboard while transitioning you to their poor value offer.

Just find a new IFA.

Alex

SonOf

The issues you have going forward are:

1 - IFAs buy in data, such as asset allocation models, fund research and due diligence etc. Your adviser will no longer be an IFA. And won't be getting that info/data any more. So, realistically, how can they provide you with an ongoing service?
2 - IFAs make periodic changes to reflect changes that occur with you, with providers/platforms and funds. Your adviser will not be an IFA and will not be able to review those things and will not be able to make those changes as they will not be an IFA any more.

So, you effectively paying for ongoing servicing but will be getting a handicapped ongoing servicing. As a tied sales rep of SJP, they cannot move you anywhere but SJP. They can leave you where you are without change. Effectively, you will be paying to be told to either leave it untouched or move it to SJP. If that is the case, you may as well drop servicing altogether.

I have a case on my desk to do, as an IFA, where we are moving the person to a different platform as the charges are better. We are rebalancing to the latest asset weightings and we are replacing a fund where the fund manager is leaving later this year and there are fears for potentially significant fund withdrawals which may result in forced sales which may hinder the performance of the fund. Your adviser could do none of that as he is not an IFA any more. He could only offer to move you to SJP.

TBC15

Your IFA just sold his “I”, how many more warnings do you want?

Alexland

TBC15 wrote: »

Your IFA just sold his “I”, how many more warnings do you want?

Without the "I" you are left with sweet FA

badger09

TBC15 wrote: »

Your IFA just sold his “I”, how many more warnings do you want?

And his soul:eek:

fentyfenton

Bad experiences all round with the St James Place profit hounds... Will anything ever get done about this.. Read the Times Article... "champers and safaris the secret diary of a saint james place adviser"

It says it all - Empathise please.... What can be done about this? Anything?

SonOf

fentyfenton wrote: »

Bad experiences all round with the St James Place profit hounds... Will anything ever get done about this.. Read the Times Article... "champers and safaris the secret diary of a saint james place adviser"

It says it all - Empathise please.... What can be done about this? Anything?

If you need advice, then use an IFA. If you dont need advice then DIY. Never use an FA.

eskbanker

fentyfenton wrote: »

What can be done about this? Anything?

If you have evidence that they're doing something unlawful, report them to the police and/or Trading Standards.

If you have evidence that they're doing something that contravenes industry regulations, report them to the FCA and/or FOS.

If you have evidence that they're doing something that contravenes any codes of conduct, etc, that they claim to follow, report them to the body that manages these.

If you have evidence that they're doing something that might be considered sharp practice or close to it, post about it on social media and/or review sites.

If none of the above apply and you just think they're poor value for money (you'd be far from alone!) then don't use them, simples....

Malthusian

fentyfenton wrote: »

Bad experiences all round with the St James Place profit hounds... Will anything ever get done about this.

Yes. Those who care about being overcharged will move to a different adviser (preferably an IFA) or DIY.