SJP article in Sunday Times Money section today

TcpnT

Makes an interesting read. Written by an ex SJP adviser.
There must be a huge temptation to not always act in the clients best interests with the pressure to sell and the incentives on offer for doing so.

AnotherJoe

Yeh an interesting read, I think the one stat that stands out is that SJP are taking half the clients return in commission one way or another. IIRC.

Alexland

Here is the link - we knew SJP were expensive but a good insight into how the fees are spent.

https://www.thetimes.co.uk/past-six-days/2019-09-08/money/champers-and-safaris-the-secret-diary-of-a-saint-jamess-place-adviser-bdlw82gng

ffacoffipawb

If that article doesn't make clients run for the doors, nothing will.

IanSt

The mother-in-law gets the Sunday Telegraph and I was interested to read in there a little report about a SJP internal memo regarding a potential reformation of these perks.

It's behind a paywall, but you can read the first few paragraphs here https://www.telegraph.co.uk/money/consumer-affairs/st-jamess-place-scrap-controversial-cruises-cufflinks-incentives/.

AnotherJoe

IanSt wrote: »

The mother-in-law gets the Sunday Telegraph and I was interested to read in there a little report about a SJP internal memo regarding a potential reformation of these perks.

It's behind a paywall, but you can read the first few paragraphs here https://www.telegraph.co.uk/money/consumer-affairs/st-jamess-place-scrap-controversial-cruises-cufflinks-incentives/.

That just means they dont make it so ostentatious how a large part of their [STRIKE]victims[/STRIKE] clients investment return is being creamed off.

No doubt the [STRIKE]advisers[/STRIKE] sales people will still get disproportionate [STRIKE]kick backs[/STRIKE] commission, maybe more now its not being spaffed on cruises.

cfw1994

AnotherJoe wrote: »

That just means they dont make it so ostentatious how a large part of their [STRIKE]victims[/STRIKE] clients investment return is being creamed off.

No doubt the [STRIKE]advisers[/STRIKE] sales people will still get disproportionate [STRIKE]kick backs[/STRIKE] commission, maybe more now its not being spaffed on cruises.

LOL!
It does rather expose them as an overtly sales-focussed organisation.
Sales are always coin-operated people.
Doesn't mean it is bad - I work in a sales-focused IT organisation (I believe a fair few here do too!), & our sales folk occasionally head off on jaunts to celebrate their successes....

.....but it does mean that the customer needs to be aware of the game

Where it is my money involved, I prefer to be as hands-on as I can be - I've said elsewhere, the only person around with just MY interests at heart is me

Of course people will need to buy into products etc, there are always costs associated, & some will need more help than others....
.....but when I speak with otherwise erudite & knowledgable friends who tell me their FA is "doing a good job", I am often acutely aware (with some gentle questioning!) that they don't really know what they are comparing with!

But yes, overall I would personally not touch SJP with the proverbial barge-pole:rotfl:

atush

i read it, backs up everything said here, avoid them at all costs.

It was mind boggling.