Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • nigsandbach
    • By nigsandbach 9th Mar 18, 10:41 AM
    • 2Posts
    • 1Thanks
    nigsandbach
    st james wealth management
    • #1
    • 9th Mar 18, 10:41 AM
    st james wealth management 9th Mar 18 at 10:41 AM
    im thinking of transferring my pension to a company called st James wealth management
    has anyone had dealing with them what i have heard sounds to good to be true so would like to check first.
Page 1
    • JoeCrystal
    • By JoeCrystal 9th Mar 18, 11:11 AM
    • 1,401 Posts
    • 859 Thanks
    JoeCrystal
    • #2
    • 9th Mar 18, 11:11 AM
    • #2
    • 9th Mar 18, 11:11 AM
    Worth asking this question on main Pension forum! Not a forum which hardly anyone read...
    • Paul_Herring
    • By Paul_Herring 9th Mar 18, 11:23 AM
    • 6,252 Posts
    • 2,958 Thanks
    Paul_Herring
    • #3
    • 9th Mar 18, 11:23 AM
    • #3
    • 9th Mar 18, 11:23 AM
    st James wealth management
    I think you'll find that their reputation around here isn't that great. A personal opinion from one long-standing advisor on here (follow the link under the text 'originally posted' to get to the thread.)

    Typically one of the most expensive distribution channels going. Any IFA going to SJP is doing it for their own earnings rather than their clients.To give you an example of cost difference, I did a pension transfer from an SJP pension last year and the projection difference using some growth rates (so difference was purely down to charges) was over 300,000.
    Originally posted by dunstonh
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • sandsy
    • By sandsy 10th Mar 18, 12:13 PM
    • 1,312 Posts
    • 790 Thanks
    sandsy
    • #4
    • 10th Mar 18, 12:13 PM
    • #4
    • 10th Mar 18, 12:13 PM
    im thinking of transferring my pension to a company called st James wealth management
    has anyone had dealing with them what i have heard sounds to good to be true so would like to check first.
    Originally posted by nigsandbach
    The too good to be true bit is the way they try to present how much it will cost you.

    Read any documents you've been given carefully. They normally charge 4.5% for the advice you've received then 1.5% of any amount you invest. So 6% of your money is gone immediately. Then they'll charge you 0.5% of your fund every year for an annual review. You'll also pay fund charges every year and from year 7 you'll pay another 0.5% every year for the pension wrapper.

    They''ll give you this information a different way. They'll tell you this is the same as 1% every year plus fund charges. And that if you leave in the first 6 years, you'll pay an exit penalty, reducing from 6% in year 1 to 1% in year 6.

    Both sets of costs come out exactly the same. But one sounds much more palatable than the other.
    • nigsandbach
    • By nigsandbach 12th Mar 18, 8:45 AM
    • 2 Posts
    • 1 Thanks
    nigsandbach
    • #5
    • 12th Mar 18, 8:45 AM
    • #5
    • 12th Mar 18, 8:45 AM
    Thanks to everyone who has replied, it has helped me come to a decision. i think i will look else where.
    • dunstonh
    • By dunstonh 12th Mar 18, 3:42 PM
    • 92,209 Posts
    • 59,375 Thanks
    dunstonh
    • #6
    • 12th Mar 18, 3:42 PM
    • #6
    • 12th Mar 18, 3:42 PM
    Your choice should be either to use an IFA or to DIY. It should never to use an FA or sales rep of a company. SJP sell their own product.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

123Posts Today

1,356Users online

Martin's Twitter