Replace St James' Place

KonaGirl999

Hi, I've read the criticisms about St James's Place and, for a number of reasons, I would like to move away from them. But what are the other options for someone who does not have the time or expertise to look after their own investments. Do you have recommendations?

Linton

If you dont want to look after your own investments the only regulated alternative providing full coverage across all providers is a local Independent FInancial Advisor.  The key word is "Independent", SJP are not an IFAs. An IFA is likely to be cheaper than SJP.

ColdIron

If your affairs are simple and don't really need advice, you just don't want to choose or manage your investments you might explore a 'robo advisor' such as Nutmeg. Others are available

I don't usually suggest them as they are more expensive than DIY but much cheaper than SJP

Essentially they ask a few questions about objective, risk level etc and present you with one of a limited number of pre packaged options

If your affairs are complex or you really need tailored advice beyond simple fund selection look elsewhere but it might suit you, just another avenue to explore

xylophone

You could try

https://adviserbook.co.uk/

Tick "confirmed independent" and other options required when the menu comes up.

CheekyMikey

My next next door neighbour but one is always extolling the virtues of True Potential and their funds do seem to do ok and they’re cheaper than SJP by quite a bit….just another name to consider if you’re still looking

dunstonh

CheekyMikey said:

My next next door neighbour but one is always extolling the virtues of True Potential and their funds do seem to do ok and they’re cheaper than SJP by quite a bit….just another name to consider if you’re still looking

TP are not much cheaper than SJP.

On £120k, they have a 0.40% platform charge, 0.77% fund charges and 0.50% adviser charge.  That is for their remote service and not the wealth management service.

Taken from their website.

artyboy

OP, you don't say how much you have invested with SJP but if it's a big chunk (and as they were mentioned), then Nutmeg do offer some half decent rates on larger sums - my own total cost with them is 0.56% (0.3% of which is their management fee, the rest is fund and spread fees) - and if you can time it to work with one of their fairly generous cashback deals, then it can be a cheap 'sort of managed' option.

(I can hear dunstonh grinding his teeth at me 🤣)

Alternatively, if you don't 'really' want to manage it but can accept plonking it all in a fund that effectively replicates the performance across world stock markets, then there are even cheaper options with low cost brokers like AJ Bell or Interactive investor, and buying a fund (technically an ETF) like the HSBC MSCI World ETF. And then leave it alone.

But if that last paragraph is just gobbledegook to you that you don't want to decipher, then Nutmeg (or similar) or an IFA is the way to go.

Brilley

CheekyMikey said:

My next next door neighbour but one is always extolling the virtues of True Potential and their funds do seem to do ok and they’re cheaper than SJP by quite a bit….just another name to consider if you’re still looking

..TP are also totally !!!!!!. We changed from SJP to TP 7 years ago, and have seen year on year losses, (overall when inflation is factored in). We would have been far better off just using the best savings accounts available. The best they ever achieved over the last 7 nyears was a maximum of 4% return . 

We would take all our money out but that would just compound our losses, so now stuck between a rock and a hard place. Over the last 7 odd years we have "made" less than 1% per year. I know stock markets have "tanked" recently, but after 7 + years we would have expected a better return (we are in a "medium risk" portfolio).

Better off going DIY or sticking to the best saving account you can find....

wiltshiregirl69

Someone may have already said this but the best thing to do is to get an account at Vanguard (UK website) and choose a global index tracker.  - only one in 20 fund managers beat a global tracker - and if you add on around 1% of ifs charges - there’s no chance.  Keep it super simple.  An ISA is the only wrapper you need unless you also want ‘need a -pension.  Again these can be opened on the Vanguard platform.   There’s no magic to finance.  Just a lot of hot air intended to make it seem confusing and then for use to pay people to make worse choices than we could.

that all said.  I do like good IFA’s who can hold hands and help with tax planning etc.  however unless they recommend trackers I would be wary.  

ColdIron

wiltshiregirl69 said:

Someone may have already said this but the best thing to do is to get an account at Vanguard (UK website) and choose a global index tracker

Few people have the risk appetite for 100% equities. SJP may be expensive but they are not reckless (remember we know nothing about the OP's objectives and circumstance) and I very much doubt they would suggest such a portfolio.

Albermarle

Brilley said:

CheekyMikey said:

My next next door neighbour but one is always extolling the virtues of True Potential and their funds do seem to do ok and they’re cheaper than SJP by quite a bit….just another name to consider if you’re still looking

..TP are also totally !!!!!!. We changed from SJP to TP 7 years ago, and have seen year on year losses, (overall when inflation is factored in). We would have been far better off just using the best savings accounts available. The best they ever achieved over the last 7 nyears was a maximum of 4% return . 

We would take all our money out but that would just compound our losses, so now stuck between a rock and a hard place. Over the last 7 odd years we have "made" less than 1% per year. I know stock markets have "tanked" recently, but after 7 + years we would have expected a better return (we are in a "medium risk" portfolio).

Better off going DIY or sticking to the best saving account you can find....

Stock markets have not tanked recently. The bellweather US S&P 500 is up 14 % in the last 12 months, and 68% up in the last 5 years.
However the UK market has been lacklustre, so if your funds have a big UK % that will not have helped.
Even more important a medium risk fund will have a significant % of bonds/gilts, and they have tanked in a big way. Normally these are more stable, but an unusual  combination of circumstances has affected them badly although the worst seems to be over.
If we look at a well known medium risk multi asset fund with a high UK %, we can see 5 year returns in the region of 20% +/-5%. So maybe just about keeping up with inflation.