Moving To SJP!

mot2024

Dazed_and_C0nfused said:

mot2024 said:

Dazed_and_C0nfused said:

mot2024 said:

Hi
I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Why do you choose a FA over an IFA?

Have you signed anything with SJP?

As i said she was recommended to me. No i've signed nothing

By who?  Your op didn't refer to a recommendation.

No your right, apologies . I asked friends if they new of a financial advisor . I guess he didnt know if she was independent or not. Though i never specified independent so thats my fault

Albermarle

mot2024 said:

Marcon said:

mot2024 said:

Hi
I'm new to the forum. Just taken advice from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Any reason why you didn't choose an independent financial advisor?

They recommended to me by a friend when i asked if anyone new a financial advisor 

They seem to have many happy customers who are happy to recommend them. They do a good job in keeping customers sweet with regular personal contact etc.

However away from the nice fuzzy stuff, they are expensive and with these tie in periods. So expensive that the FCA is pressurising them to reduce their fees significantly.

Groover24

dunstonh said:

One of the first things an adviser is meant to disclose to you is their status (independent or not) and if not independent, what their restrictions are.  i.e. who they represent.     So, you should never be in a "turns out that..." situation.

This is good advice that I missed out on (see my posts about SJP) - I was unaware that the FA was restricted to SJP products and it was not made patently clear to me at the time no matter what they may say to me now. Unfortunately I only found out 18 months down the line.

My experience suggests that they are trying to get me to sign up to all sorts of new things that involves my money and other pensions

I am now trying to extract myself from SJP with minimal cost. As my dad would have said "I wouldn't touch them with a 10ft bargepole even if it is 20ft long"

mot2024

Groover24 said:

dunstonh said:

One of the first things an adviser is meant to disclose to you is their status (independent or not) and if not independent, what their restrictions are.  i.e. who they represent.     So, you should never be in a "turns out that..." situation.

This is good advice that I missed out on (see my posts about SJP) - I was unaware that the FA was restricted to SJP products and it was not made patently clear to me at the time no matter what they may say to me now. Unfortunately I only found out 18 months down the line.

My experience suggests that they are trying to get me to sign up to all sorts of new things that involves my money and other pensions

I am now trying to extract myself from SJP with minimal cost. As my dad would have said "I wouldn't touch them with a 10ft bargepole even if it is 20ft long"

I think it was your post that set me thinking when i started researching SJP.

Groover24

mot2024 said:

Marcon said:

mot2024 said:

Hi
I'm new to the forum. Just taken advice from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Any reason why you didn't choose an independent financial advisor?

They recommended to me by a friend when i asked if anyone new a financial advisor 

I would have recommend mine before Christmas last year - they are very good at the sales patter and convincing you that they are helping you.

Admittedly my funds have done better than where they were but that is not to say that I could not do as well or better elsewhere or with a different fund selection with my old scheme

As my post above - run away very fast.

I have talked to some IFA recently that I would recommend

mot2024

Groover24 said:

mot2024 said:

Marcon said:

mot2024 said:

Hi
I'm new to the forum. Just taken advice from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Any reason why you didn't choose an independent financial advisor?

They recommended to me by a friend when i asked if anyone new a financial advisor 

I would have recommend mine before Christmas last year - they are very good at the sales patter and convincing you that they are helping you.

Admittedly my funds have done better than where they were but that is not to say that I could not do as well or better elsewhere or with a different fund selection with my old scheme

As my post above - run away very fast.

I have talked to some IFA recently that I would recommend

i have just been searching local IFA. I just dont trust anyone thats my problem

Pat38493

mot2024 said:

Groover24 said:

mot2024 said:

Marcon said:

mot2024 said:

Hi
I'm new to the forum. Just taken advice from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Any reason why you didn't choose an independent financial advisor?

They recommended to me by a friend when i asked if anyone new a financial advisor 

I would have recommend mine before Christmas last year - they are very good at the sales patter and convincing you that they are helping you.

Admittedly my funds have done better than where they were but that is not to say that I could not do as well or better elsewhere or with a different fund selection with my old scheme

As my post above - run away very fast.

I have talked to some IFA recently that I would recommend

i have just been searching local IFA. I just dont trust anyone thats my problem

In the long term you will be better off using an IFA as already mentioned by many others - SJP are probably one of the most well known of these providers because they spend a lot of money on marketing - presumably they need to levy higher charges to pay their marketing costs.  Also I would never go with a provider that has exit charges - my logic would be, if you are any good, I won't want to leave so why do you need to lock me in?

mot2024

so I just had a quick look at Aviva drawdown policy. Their ongoing policy charges are 0.15% if i have read it correctly. Cant find what other charges there are! Is this what SJP are charging me 2% for?

michaels

In the first 6 years it would appear that for every £100,000 in your pot, St James Place will take £18,000 -  leaving you with £82,000.

An independent financial advisor who can recommend exactly the same investments should take between 3k and 6k as payment for their advice.  Not surprising people say SJP advisors treat them nicely when they have about 15k extra per 100k towards putting their kids through private school or buying themselves (another) Porsche.

leosayer

michaels said:

In the first 6 years it would appear that for every £100,000 in your pot, St James Place will take £18,000 -  leaving you with £82,000.

An independent financial advisor who can recommend exactly the same investments should take between 3k and 6k as payment for their advice.  Not surprising people say SJP advisors treat them nicely when they have about 15k extra per 100k towards putting their kids through private school or buying themselves (another) Porsche.

So true. Although the one I know with 2 kids got divorced and then married a private school teacher and now benefits from the staff discount.