St James’s Place opinions?

boingy

You should definitely ask your accountant if he is receiving any form of kickback for referring you.
After many years of being happy with my accountant, one day he announced that he was now qualified to offer financial advice on investments and pensions. I didn't get as far as enquiring whether he was an FA or an IFA or what the qualification was. I just found a new accountant.

artyboy

fwor said:

st1040 said:

I really liked the advisor

Bear in mind that "being likeable" is an important qualification for any salesman. 

With any financial adviser, it helps if you get on well with them, but there are other major factors - such as costs - that are more important than how likeable they are.

And indeed for any scammer... 

Not that I would suggest that this is the case here, but sometimes it can be a fine line...

UncleK

I respectfully suggest that the only people who will recommend SJP will be folks wanting to justify their own decision and the smooth talking sales people. Their various fees and poor performing funds are to be avoided, IMHO and as you are seeing, other folks here.

Chickereeeee

gm0 said:

.
.......
FCA heavily regulate the advice process and deliverables.  So it is not a fault of SJP per se - but they (like everyone else) can't differentiate themselves much on that.  It's the same.  Other family wealth and tax planning outside the core advice will be helpful or not, needed or not, and good or not, as with any adviser.

Etc etc

Indeed. There was an article in the FT recently questioning whether 'private banks' had a place for HNWI as regulations, insurance and other costs make it difficult and expensive to offer much more than 'platforms' and IFAs can. They do, of of course, offer add-ons (tickets to events, meetings in nice places) which you pay for in your fees.

The conclusion was, unless you have multi-millions in multiple overseas accounts, and/or want a one-stop shop and are willing to pay for it, probably not. 

Eyeful

Independent Financial Advisor (IFA):
You expect them to act as your agent. They can advise on the whole of the market.

Financial Advisor (FA): 
 Are agents of the company they represent. They can only advise on the products their company has to offer you. 
What if their company has the worst performing or most expensive products on the market, do you really expect them to tell you that, when they are the companies agent?
Some think they are best though of as financial sales persons.

The charges/fee are important as they come out of your pocket and go into the advisers.

Both sales persons & scammers make themselves likeable at least until they have your money.

You might find the following of interest.
 https://www.kroijer.com/
https://www.biglawinvestor.com/meet-the-gotrocks-family/

Diana_Mackintosh

I would not touch SJP under any circumstances whatsoever. They have high fees , advisers are mere sales people and central admin centre is the worst I have ever dealt with. They take no responsibility whatsoever and at best give opaque answers to queries, at worst ‘lie ‘ by omitting relevant information. I am caught up in the suspension property fund and cannot access MY money for 6 months. 

aroominyork

Gated funds, especially in property (or Woodford) are not unique to SJP.

Diana_Mackintosh

Aroominyork - true but my annoyance is that SJP always referred me to the website to see when the property fund total suspension would be lifted. It was my current FA who suggested I looked at the terms and conditions of my bond to find that the maximum deferral is 6 months.  

thunderroad88

Wealth managers like SJP fill a gap in the market and provide a useful service for a certain group of people who don’t have the time, inclination and maybe confidence to manage their own money. They’ll probably have enough wealth not to worry too much about achieving the best growth or higher fees. You’ll not find many from that group of people on a site like this and so won’t get a totally rounded view but I doubt they’re for you anyway. Seek out a good IFA to get you started but speaking as one who has recently moved from IFA to DIY, it’s not hard to go it alone once you feel confident in your knowledge. 

ColdIron

aroominyork said:

Gated funds, especially in property (or Woodford) are not unique to SJP.

Probably worth noting that when Woodford was running SJP's UK Equity Income fund they constrained him to the FTSE 350 rather than running a near mirror of his day job fund, WEI. As a result it was never gated

It's not often I give SJP much credit but arguably they served their customers interests better than HL