St James' Place

Bluepony

Hi hoping someone can help. 

We have had a visit from a lovely rep from St James' Place and talked through our pensions.   She has gone off with information to see what is best to do with our existing pensions.  Bearing in mind my husband has his personal pension which he has been taking for 7 years and he invests £360 a month into an ISA which was with Sterling but has now gone to Scottish Widows.  He is hoping to retire in April 2025.  He also has a work pension with a University where he currently works.   I am due to retire in July 2030 when I am 67. 

Neither of us understand much of what happens with pensions but a family member has said not to go with this company as their shares have plummeted and therefore they are not to be trusted with our money.  

So the question is do we look at another adviser and not go with this one or do they all have their problems and it's a bit hit and miss. 

daveyjp

You need an independent financial adviser,  SJP certainly aren't that and their recent problems are well documented.

https://www.moneymarketing.co.uk/opinion/paul-lewis-consumer-duty-should-warn-of-restricted-status/

MallyGirl

A quick search on here will find plenty of comments about SJP - it is rarely that positive. They are not independent- the rep you saw is just a salesperson with glossy brochures. They can only sell their own products which have high fees and exit charges. You would be better off finding a local Independent Financial Advisor if you don't want to manage it all yourselves 

dunstonh

Neither of us understand much of what happens with pensions but a family member has said not to go with this company as their shares have plummeted and therefore they are not to be trusted with our money.  

Their share price has nothing to do with trust over your money.

So the question is do we look at another adviser and not go with this one or do they all have their problems and it's a bit hit and miss. 

Financial advice is either given by IFAs (independent financial advisers) or FAs (restricted Financial advisers). Most FAs are sales reps for the company they represent, whereas IFAs represent the whole market. SJPs are sales reps.

This is why you frequently see on this site that the choice should be between an IFA or DIY.  Never an FA/sales rep.

SJP is also one of the most expensive advice companies in the UK, but it is very successful. In contrast, most IFAs are small local firms of 1-5 advisers.   Tiny local firms by comparison.

Brie

I suggest you talk to friends who might be in a similar situation and who might have an IFA they have used.  Personal recommendations are a great way to start.  Give a couple of IFAs a call and ask if you can have an introductory meeting.  Many will give you an hour for free to discuss things generally.  It is in some ways a sales session but you can try to assess if this is someone with whom you want to trust your money.  Treat it a bit like an interview, have some questions about your pensions and money management in general.  

400ixl

Bluepony said:

Neither of us understand much of what happens with pensions but a family member has said not to go with this company as their shares have plummeted and therefore they are not to be trusted with our money.  

So the question is do we look at another adviser and not go with this one or do they all have their problems and it's a bit hit and miss. 

No.1 family member to strike from the listen to financial advice from is the one who linked the performance of their company share price to their ability to manage funds. They are not directly linked and shows a lack of financial understanding.

On the other hand as people have said already, they are not a and IFA, they only sell their own products so cannot access the whole of the market to give and execute the best advice.

I would look elsewhere, having done my initial research first but not for the reason your family member has advised.

wjr4

A local IFA will be a lot cheaper. 

LHW99

Bearing in mind my husband has his personal pension which he has been taking for 7 years and he invests £360 a month into an ISA which was with Sterling but has now gone to Scottish Widows.  He is hoping to retire in April 2025.  He also has a work pension with a University where he currently works.

No one here knows your whole situation (you haven't said if you have any pension(s) or if you will both get full state pensions - check that!).

But presumably your husband is content with how his personal pension has been working for the last 7 years, and his University pension is likely to be some form of defined benefit pension - so no adviser is likely to tell him to do much with that.

Why do you think you need help from an adviser - particularly a non-independent one?

Ibrahim5

wjr4 said:

A local IFA will be a lot cheaper. 

You have no idea what the local IFA will charge. They can charge whatever they want. There is nothing to stop them charging more than SJP.

Stubod

..do yourself a favour, save some money, and don't use SJP....

Xenon

Bluepony said:

Hi hoping someone can help. 

We have had a visit from a lovely rep from St James' Place and talked through our pensions.   She has gone off with information to see what is best to do with our existing pensions.  Bearing in mind my husband has his personal pension which he has been taking for 7 years and he invests £360 a month into an ISA which was with Sterling but has now gone to Scottish Widows.  He is hoping to retire in April 2025.  He also has a work pension with a University where he currently works.   I am due to retire in July 2030 when I am 67. 

Neither of us understand much of what happens with pensions but a family member has said not to go with this company as their shares have plummeted and therefore they are not to be trusted with our money.  

So the question is do we look at another adviser and not go with this one or do they all have their problems and it's a bit hit and miss. 

I always question that kind of statement  - there is much i do not know but i have learned enough to handle my own pension(s) and make my own decisions by DIY.
Of course that is not for everyone and certainly i am not anything special in that regard by a long shot.
People need to start learning you do not have to become an expert or even spend a lot of time.to learn.
Start with the basics and work your way up until you are happy to make your own choices.
Or find an IFA to help you in that journey.