St James Place

FIREDreamer

Oh no …

Anyway …

Worth a punt at these levels?

Edit: City AM calls them the UK’s biggest wealth manager - surely Hargreaves Lansdown are bigger?

ColdIron

HL aren't a wealth manager

https://citywire.com/wealth-manager/news/update-sjp-shares-crash-as-it-sets-aside-426m-for-refunds-and-slashes-divi/a2437114

FIREDreamer

ColdIron said:

HL aren't a wealth manager

https://citywire.com/wealth-manager/news/update-sjp-shares-crash-as-it-sets-aside-426m-for-refunds-and-slashes-divi/a2437114

Ok, thanks.

That’s a grim read. Not worth catching a falling knife - been there before!

IvanOpinion

It couldn't have happened to a nicer bunch of salesmen.

dunstonh

IvanOpinion said:

It couldn't have happened to a nicer bunch of salesmen.

I suspect that SJP will claw the money back from those that haven't been doing the servicing which will push a number of them off the cliff or create debts that will put increasing indirect sales pressure on them.   There are already reports of many of the member firms being heavily in debt to SJP.

https://www.ftadviser.com/companies/2023/08/21/inside-the-673mn-debt-burden-sjp-advisers-are-grappling-with/

FIREDreamer

dunstonh said:

IvanOpinion said:

It couldn't have happened to a nicer bunch of salesmen.

I suspect that SJP will claw the money back from those that haven't been doing the servicing which will push a number of them off the cliff or create debts that will put increasing indirect sales pressure on them.   There are already reports of many of the member firms being heavily in debt to SJP.

https://www.ftadviser.com/companies/2023/08/21/inside-the-673mn-debt-burden-sjp-advisers-are-grappling-with/

The Windsor Davies meme also comes to mind.

LHW99

Looking at the graph here (https://www.telegraph.co.uk/money/investing/st-james-place-puts-aside-426m-advice-fee-refunds/) makes me think that they should still be making a reasonable profit, even after 2025, when compared with the "industry average"

artyboy

FIREDreamer said:

dunstonh said:

IvanOpinion said:

It couldn't have happened to a nicer bunch of salesmen.

I suspect that SJP will claw the money back from those that haven't been doing the servicing which will push a number of them off the cliff or create debts that will put increasing indirect sales pressure on them.   There are already reports of many of the member firms being heavily in debt to SJP.

https://www.ftadviser.com/companies/2023/08/21/inside-the-673mn-debt-burden-sjp-advisers-are-grappling-with/

The Windsor Davies meme also comes to mind.

That's just spooky, I was thinking of the same quote when I saw this mornings headline. And I thought I had some obscure old comedy memories. Surely this one has been 'cancelled' by now though...

FIREDreamer

artyboy said:

FIREDreamer said:

dunstonh said:

IvanOpinion said:

It couldn't have happened to a nicer bunch of salesmen.

I suspect that SJP will claw the money back from those that haven't been doing the servicing which will push a number of them off the cliff or create debts that will put increasing indirect sales pressure on them.   There are already reports of many of the member firms being heavily in debt to SJP.

https://www.ftadviser.com/companies/2023/08/21/inside-the-673mn-debt-burden-sjp-advisers-are-grappling-with/

The Windsor Davies meme also comes to mind.

That's just spooky, I was thinking of the same quote when I saw this mornings headline. And I thought I had some obscure old comedy memories. Surely this one has been 'cancelled' by now though...

Box set is available, it brings back memories of the 70,s.

Land of hope and glory, mother of the free, SHURRRRRRUPPPPP!