St James Place Wealth Management

segovia

jamesd said:

dunstonh said:

Last person I saw who had us competing against SJP had £500,000.  SJP were charging £25,000 initial fee to our £2,500 and the solution we offered from the whole of market was half the annual cost of SJP.  That gives an indication of the cost differences.

We also did a pension transfer away from SJP some years back which holds the record for us of the largest cost saving.    The difference in projections using the same growth rate (so only charges are the difference) was over £300,000 lower with SJP.  In other words, the effect of charges reduced the pension by £300,000 if the same growth rates were achieved.

It's also worth noting that advisers here are prohibited from contacting people to offer their services but nothing prohibits posters sending them a private message asking for their business contact details.

Frankly, I'd be happy to use dunstonh myself and your friends would be far better off with the services offered there.

jamesd said:

dunstonh said:

Last person I saw who had us competing against SJP had £500,000.  SJP were charging £25,000 initial fee to our £2,500 and the solution we offered from the whole of market was half the annual cost of SJP.  That gives an indication of the cost differences.

We also did a pension transfer away from SJP some years back which holds the record for us of the largest cost saving.    The difference in projections using the same growth rate (so only charges are the difference) was over £300,000 lower with SJP.  In other words, the effect of charges reduced the pension by £300,000 if the same growth rates were achieved.

It's also worth noting that advisers here are prohibited from contacting people to offer their services but nothing prohibits posters sending them a private message asking for their business contact details.

Frankly, I'd be happy to use dunstonh myself and your friends would be far better off with the services offered there.

jamesd said:

dunstonh said:

Last person I saw who had us competing against SJP had £500,000.  SJP were charging £25,000 initial fee to our £2,500 and the solution we offered from the whole of market was half the annual cost of SJP.  That gives an indication of the cost differences.

We also did a pension transfer away from SJP some years back which holds the record for us of the largest cost saving.    The difference in projections using the same growth rate (so only charges are the difference) was over £300,000 lower with SJP.  In other words, the effect of charges reduced the pension by £300,000 if the same growth rates were achieved.

It's also worth noting that advisers here are prohibited from contacting people to offer their services but nothing prohibits posters sending them a private message asking for their business contact details.

Frankly, I'd be happy to use dunstonh myself and your friends would be far better off with the services offered there.

The objective of my post was twofold 


1, Are my opinions about SJP's excessive charging structure were valid 
2, As an exercise in educating my wife that "not all that glitters is not gold" 

She is a bit naive and genuinely believes that it is inconceivable that anyone acting in professional capacity would would purposely  rip someone off.  

Lessons learned, there "are" sharks in the water. 

   

Dazed_and_C0nfused

Lessons learned, there "are" sharks in the water. 

True but maybe SJP are the Basking Shark of the investment world, in comparison to the Great Whites like London Capital & Finance.

Prism

Fees aside SJP do seem to generate a reasonable return for their customers and keep them happy.

Still, could do better..

TBC15

Prism said:

Fees aside SJP do seem to generate a reasonable return for their customers and keep them happy.

Still, could do better..

Yodeler.com would disagree

89.7% of St James's Place funds rate as poor performing 1 or 2 star funds, making SJP one of the worst fund managers in the UK. ... However, as identified in table 2 below, the average performance rating of SJP funds is significantly lower than the industry standard across all investment sectors.11 Mar 2021

Diplodicus

jamesd said:

dunstonh said:

Last person I saw who had us competing against SJP had £500,000.  SJP were charging £25,000 initial fee to our £2,500 and the solution we offered from the whole of market was half the annual cost of SJP.  That gives an indication of the cost differences.

We also did a pension transfer away from SJP some years back which holds the record for us of the largest cost saving.    The difference in projections using the same growth rate (so only charges are the difference) was over £300,000 lower with SJP.  In other words, the effect of charges reduced the pension by £300,000 if the same growth rates were achieved.

It's also worth noting that advisers here are prohibited from contacting people to offer their services but nothing prohibits posters sending them a private message asking for their business contact details.

Frankly, I'd be happy to use dunstonh myself and your friends would be far better off with the services offered there.

SJP are, in fact, useful to many people, not least competitors whose own offering seems very reasonable in comparison. It's called the "decoy effect" I think.

Here's a link:

 https://blog.moneysavingexpert.com/2020/09/martin-lewis--i-confess--i-did-a--decoy-effect--experiment-on-my/?_ga=2.161697276.1767687658.1629654410-123527

Langtang

TBC15 said:

It’s hard to believe in this day and age that anyone capable of amassing a 1 M pension pot doesn’t know how to google SJP.

I know wealthy, highly educated people who can't tie their own shoe-laces, check a bus timetable or work their mobile phones.

Way to put people off asking questions on forums like this. Thanks.

Sea_Shell

My Dad's with SJP for an investment bond, and has been for years.   Found out since, and this was all set up before I discovered MSE.

I'm not going to even try broaching the subject with him!   

ex-pat_scot

Sea_Shell said:

My Dad's with SJP for an investment bond, and has been for years.   Found out since, and this was all set up before I discovered MSE.

I'm not going to even try broaching the subject with him!   

Ditto. My parents are happy with the relationship they have with SJP.
I was only aware of their involvement when I saw the monogrammed envelope in their post bundle.
I wouldn't dream of challenging them and will only comment if they ask my opinion.
They are grown-ups and have made their own successful decisions for the last 80 years.

cfw1994

ex-pat_scot said:

Sea_Shell said:

My Dad's with SJP for an investment bond, and has been for years.   Found out since, and this was all set up before I discovered MSE.

I'm not going to even try broaching the subject with him!   

Ditto. My parents are happy with the relationship they have with SJP.
I was only aware of their involvement when I saw the monogrammed envelope in their post bundle.
I wouldn't dream of challenging them and will only comment if they ask my opinion.
They are grown-ups and have made their own successful decisions for the last 80 years.

It does appear to be entirely about “The Relationship” 🧐
Our pal is, IMHO, not super money-savvy, & is made to feel a million dollars by the SJP rep, from what I could tell.  

No point explaining anything about how well they might perform, how much their charges are, & the lock-ins: I did have a short stab at that a couple of years ago, now I avoid the topic! 🤷‍♂️

It makes him feel good to have his annual lunch….& we all want to feel good, right? 🤣

Each to their own.    

zagfles

Diplodicus said:

jamesd said:

dunstonh said:

Last person I saw who had us competing against SJP had £500,000.  SJP were charging £25,000 initial fee to our £2,500 and the solution we offered from the whole of market was half the annual cost of SJP.  That gives an indication of the cost differences.

We also did a pension transfer away from SJP some years back which holds the record for us of the largest cost saving.    The difference in projections using the same growth rate (so only charges are the difference) was over £300,000 lower with SJP.  In other words, the effect of charges reduced the pension by £300,000 if the same growth rates were achieved.

It's also worth noting that advisers here are prohibited from contacting people to offer their services but nothing prohibits posters sending them a private message asking for their business contact details.

Frankly, I'd be happy to use dunstonh myself and your friends would be far better off with the services offered there.

SJP are, in fact, useful to many people, not least competitors whose own offering seems very reasonable in comparison. It's called the "decoy effect" I think.

Here's a link:

 https://blog.moneysavingexpert.com/2020/09/martin-lewis--i-confess--i-did-a--decoy-effect--experiment-on-my/?_ga=2.161697276.1767687658.1629654410-123527

Good point. It's the same with all these retailers that seem to have constant "sales", double glazing that's always "50% off" etc. Make a comparison with a much higher price to make your offering seem cheap, then some mugs won't bother to look further as they think they're getting a bargain.