Moving To SJP!

dunstonh

An independent financial advisor who can recommend exactly the same investments should take between 3k and 6k as payment for their advice.

Nowadays, an increasing number of IFAs are putting decency caps in place that top out at £3k-£4k unless its a particularly high risk transaction.

squirrelpie

So just tell the SJP agent that you're sorry but you've decided against using a tied financial advisor. If you haven't signed anything they'll just walk away. Then think about whether you need an independent financial adviser (IFA) or whether you can manage by yourself.

Albermarle

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

IFA's are strictly regulated nowadays and they have very set procedures to follow ( and document) before making many recommendations.
Also it is a two way street. If you have an initial chat with one and start giving the impression that you suspect they are all crooks, they will just walk away from a potentially awkward customer.

Sarahspangles

I’ve never had any direct dealings with SJP, although having now read a couple of threads about them it’s explained something to me.

For years we’ve been getting letters addressed to previous residents on the most beautiful laid paper, including the envelope. Each letter weighs twice as much as ordinary bills. I’ve always wondered what sort of organisation this St James Place was, to maintain such high standards! I imagined they must be a private bank or something….. 

LHW99

There would always be the option of merging the Aviva one into the Scottish Widows, or vice versa.

Why not start by checking the actual fees for both, they should tell you if you phone them. Then you will have something to compare with.

Groover24

Sarahspangles said:

I’ve never had any direct dealings with SJP, although having now read a couple of threads about them it’s explained something to me.

For years we’ve been getting letters addressed to previous residents on the most beautiful laid paper, including the envelope. Each letter weighs twice as much as ordinary bills. I’ve always wondered what sort of organisation this St James Place was, to maintain such high standards! I imagined they must be a private bank or something….. 

Th paperwork is something not like the others it has to be said but I am paying for it for the time being! I would recommend that you keep wondering and not go near them!