Use St James Place for transfer of my Defined Benefit fund ?

LHW99

fred246 said:

SJP are just a slightly more aggressive shark. They are all still sharks. There is nothing to stop an IFA charging the same as SJP.

There isn't, but SJP have one price, IFA's set their own, and vary even for DB transfers.

OP you have to get the advice, be it what it may, from a suitably qualified adviser. SJP cannot really count as advisers - as has been said, they are salesmen, with advice tacked on.

Joey_Soap

fred246 said:

SJP are just a slightly more aggressive shark. They are all still sharks. There is nothing to stop an IFA charging the same as SJP.

No but......... SJP is a very finely honed machine. Impressive sessions with "free" drinks and buffets, glossy publicity material full of prosperous folks who could be you, country house location seminars. Lots of smart, seemingly sincere and well educated, friendly folks on hand......... What could possibly go wrong? Well, just about everything that could go wrong actually. Who do you think is paying for all that? Oh, and where are the customers E class Mercedes and Porsche 911s parked then? Next to the SJP salesman's?

JS.

Malthusian

Diplodicus said:

“All DB transfers are expensive.. if you are confident enough that it is a good idea, the CETV should be such good value that the cost of the transfer should be neither here nor there..

Can see how that helps an adviser; can’t see how it helps a client, especially on a money saving site.

If whether you save money from transferring out of a DB scheme depends on such fine margins that the adviser fee puts you off transferring, it's unsuitable.

It is not currently possible to transfer out of a DB scheme worth more than £30k without regulated advice, so the initial fee is just part of the overall cost, like the scheme's actuarial fees baked into the CETV.

Diplodicus

Looks like the price for getting a positive recommendation - kickback.

Aegis

Can confirm that there are definitely still IFAs undertaking this kind of work, and overall you will likely pay a lot less than with SJP if you go down an independent route. 

AnotherJoe

You should definitely consider SJP.  OK now that's done, find someone else. 

Mickey666

Diplodicus said:

Looks like the price for getting a positive recommendation - kickback.

I don’t think you need a positive recommendation, you just need to be able to prove to the DB trustees that you’ve taken professional advice.  Ultimately it’s still your choice I think.

Diplodicus

That alone would lean advisers towards a negative recommendation; it’s safer for him.

So the process is compromised at the outset.

cloud_dog

But it doesn't matter if it is a negative review so, advisers don't need to lean one way or another.

Diplodicus

Which negates any objective value the review may have had. All else being equal (which it would be because his income is the same either way)  Advisers will advise the client to do nothing because there is no future downside (for the adviser).