SJP

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My wife and I hold private pensions with SJP along with small ones for our children, Ive always gone along with them as we were introduced by father in law to his advisor and have always trusted his advice..However over the last six years reading more about them Ive grown more and more restless with holding our money with them. Mainly being the high charges etc and reading some of the horror stories online. What's tipped me into posting is after six years with them we've barely broke even as of now.
Im a novice in doing it myself so looking for recommendations as to what best to do moving forward?
Im a novice in doing it myself so looking for recommendations as to what best to do moving forward?
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SJP do have punitive exit fees, if reports are to be believed…so you may need the new IFA to help you figure out how to move: it might be you pause things with SJP and invest new stuff with NewIFA.
Obviously a number here (me included) manage our own finances….but if you are not confident, I imagine a proper IFA might be your way forward - emphasis on the ‘I’ 😉
eta - I see your only other post here was almost 6 years ago…I guess you ignored the advice then (no replies to the people who tried to help you then). Will this thread remain similarly unanswered? Please report back!
No one is suggesting 'abdicating' money management to an advisor, and to me that sounds like a rather odd choice of wording. But you would (by definition) expect to get better information and advice from an IFA than from those tied sales managers at SJP - however slick and convincing their patter might be.
Barely breaking even after 6 years is not good. If you had said 3-4 years then it is more in line with expectation.
I'd love to manage my own finances in the respect of investments I guess its a case of educating myself.
The exit fees are an issue my Father in law tried taking out a chunk of his pension (tax free) and the exit fee was galling to say the least.
We've stopped investing any further in our funds as the more we are putting in the more its costing when we do withdraw.
Sensible business model: target the professional services firms, as that's where the wealthy (high income) people congregate.
They tried to get me to sign up to FSAVC in the 90s a few times, then about a decade ago to move my pension provision to them. I was cautious and shied away thankfully.
My parents are long-standing customers though, and I'm not sure they fully understand the charging / penalty structures in place. It's not really my place to voice my opinion though, as I'm not fully aware of the relationship / costs etc.
They occasionally hunt for fresh leads in my professional services firm, particularly as we are near their Moorgate swanky office.