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st james wealth management
nigsandbach
Posts: 2 Newbie
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.
has anyone had dealing with them what i have heard sounds to good to be true so would like to check first.
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Comments
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Worth asking this question on main Pension forum! Not a forum which hardly anyone read...0
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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.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
nigsandbach wrote: »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.
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.0 -
Thanks to everyone who has replied, it has helped me come to a decision. i think i will look else where.0
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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). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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