St James Place

Aretnap

Stubod said:

However they do have very nice brochures, and very slick salesmen....(with very nice cars)..

And just to ram it home, remember that it's you, as the customer, who is paying for the glossy brochures, the expensive suits and the fancy cars. 

katejo

Stubod said:

..loads of threads on this forum regarding SJP...and they all say the same, that they are far too expensive, can have high exit fees, and offer poorly performing investments.

However they do have very nice brochures, and very slick salesmen....(with very nice cars)....much to my embarrassment I went with them once, many years ago, but soon learnt the error of my ways and left as soon as I could.......

Put simply ....DON'T DO IT!!!!..far better value elsewhere.

So how did you move away from them without losing money? I have been with them about a year and the advisor has been very helpful and seemed to know his stuff. He doesn't come across as just a slick salesman (in the way in which someone selling double glazing might) and hasn't put any pressure on me to do particular things. 
You say 'better value elsewhere' but where?

hewhohuntselves

katejo said:

Stubod said:

..loads of threads on this forum regarding SJP...and they all say the same, that they are far too expensive, can have high exit fees, and offer poorly performing investments.

However they do have very nice brochures, and very slick salesmen....(with very nice cars)....much to my embarrassment I went with them once, many years ago, but soon learnt the error of my ways and left as soon as I could.......

Put simply ....DON'T DO IT!!!!..far better value elsewhere.

So how did you move away from them without losing money? I have been with them about a year and the advisor has been very helpful and seemed to know his stuff. He doesn't come across as just a slick salesman (in the way in which someone selling double glazing might) and hasn't put any pressure on me to do particular things. 
You say 'better value elsewhere' but where?

What fees are you paying for your products?  How do your investments compare with the cheap mass-market options like Vanguard, Fidelity, HSBC, etc in terms of performance?

ColdIron

katejo said:

Stubod said:

..loads of threads on this forum regarding SJP...and they all say the same, that they are far too expensive, can have high exit fees, and offer poorly performing investments.

However they do have very nice brochures, and very slick salesmen....(with very nice cars)....much to my embarrassment I went with them once, many years ago, but soon learnt the error of my ways and left as soon as I could.......

Put simply ....DON'T DO IT!!!!..far better value elsewhere.

I have been with them about a year and the advisor has been very helpful and seemed to know his stuff. He doesn't come across as just a slick salesman (in the way in which someone selling double glazing might) and hasn't put any pressure on me to do particular things.

I have not heard any reports of problems with their advisors (or partners as they are known) and their advice regarding tax wrappers, financial planning, meeting objectives, suitability etc. But then it is a highly regulated activity so I wouldn't expect to

The oft reported issue is the range of funds (for example I don't believe they offer any index trackers) and their charging structure

katejo

ColdIron said:

katejo said:

Stubod said:

..loads of threads on this forum regarding SJP...and they all say the same, that they are far too expensive, can have high exit fees, and offer poorly performing investments.

However they do have very nice brochures, and very slick salesmen....(with very nice cars)....much to my embarrassment I went with them once, many years ago, but soon learnt the error of my ways and left as soon as I could.......

Put simply ....DON'T DO IT!!!!..far better value elsewhere.

I have been with them about a year and the advisor has been very helpful and seemed to know his stuff. He doesn't come across as just a slick salesman (in the way in which someone selling double glazing might) and hasn't put any pressure on me to do particular things.

I have not heard any reports of problems with their advisors (or partners as they are known) regarding their advice regarding tax wrappers, financial planning, meeting objectives, suitability etc. But then it is a highly regulated activity so I wouldn't expect to

The oft reported issue is the range of funds (for example I don't believe they offer any index trackers) and their charging structure

The advisor who has been helping me isn't  employed by St James Place. He actually works as a financial consultant for a separate firm on Canary Wharf.  I was put in touch with him by a body which initially offered free retirement planning advice to women over 55. 

ColdIron

That's right, most are agents of SJP and not employees. Some were previously IFAs or FAs, perhaps in their twilight years, looking to partner with SJP for a variety of reasons

artyboy

SJP provide a very good service as a financial comfort blanket to those that can't or won't educate themselves about investments; and just want it all done for them in a warm cuddly sort of way.

(And also won't look at minor details such as entry/ongoing/exit charges, or fund range/performance)

barnstar2077

If you search for "St James Place Pensioncraft" on Youtube you should find a balanced review video.  It is definitely interesting! 

katejo

artyboy said:

SJP provide a very good service as a financial comfort blanket to those that can't or won't educate themselves about investments; and just want it all done for them in a warm cuddly sort of way.

(And also won't look at minor details such as entry/ongoing/exit charges, or fund range/performance)

That comes across as pretty patronising. I was completely new to investment as I had never previously had spare money to try stocks and shares (apart from when I briefly held a few shares from building societies becoming banks)  but last year needed to invest an inheritance. I am looking at charges and the performance of the funds but it isn't easy to compare without past investment experience!

Beddie

katejo said:

Stubod said:

..loads of threads on this forum regarding SJP...and they all say the same, that they are far too expensive, can have high exit fees, and offer poorly performing investments.

However they do have very nice brochures, and very slick salesmen....(with very nice cars)....much to my embarrassment I went with them once, many years ago, but soon learnt the error of my ways and left as soon as I could.......

Put simply ....DON'T DO IT!!!!..far better value elsewhere.

So how did you move away from them without losing money? I have been with them about a year and the advisor has been very helpful and seemed to know his stuff. He doesn't come across as just a slick salesman (in the way in which someone selling double glazing might) and hasn't put any pressure on me to do particular things. 
You say 'better value elsewhere' but where?

Although there is lots of negativity on here, including from me, if you are happy with them then that is all that matters. You could always look at changing things around in the future when the exit penalties end, but you sound like you valued their help and service. An IFA will be slightly cheaper, but for big savings you need to do your own investing on a platform such as Vanguard. However, as you said above, you have little experience of investing and needed the guidance of an adviser which you've paid for.