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  • FIRST POST
    • vallumlj
    • By vallumlj 12th Aug 18, 7:10 PM
    • 28Posts
    • 2Thanks
    vallumlj
    St James Place Wealth Managment
    • #1
    • 12th Aug 18, 7:10 PM
    St James Place Wealth Managment 12th Aug 18 at 7:10 PM
    I had a meeting recently with St James Place and the advisor seemed really nice and I was going to go for it. I would be putting in around 150 a month but after reading some review on the internet I am not sure due to high charges.

    Any views on them?

    Thank you
Page 1
    • ColdIron
    • By ColdIron 12th Aug 18, 7:17 PM
    • 4,728 Posts
    • 6,187 Thanks
    ColdIron
    • #2
    • 12th Aug 18, 7:17 PM
    • #2
    • 12th Aug 18, 7:17 PM
    Heinz Baked Beans at Harrods prices. Did they explain the initial charges and the exit fees on their pensions? It's hard to think of anybody more expensive
    • jaybeetoo
    • By jaybeetoo 12th Aug 18, 7:26 PM
    • 651 Posts
    • 324 Thanks
    jaybeetoo
    • #3
    • 12th Aug 18, 7:26 PM
    • #3
    • 12th Aug 18, 7:26 PM
    and they have a limited choice of investments.

    https://www.which.co.uk/news/2017/07/exclusive-wealth-manager-st-jamess-place-misleading-customers-on-charges/
    • dunstonh
    • By dunstonh 12th Aug 18, 7:57 PM
    • 95,390 Posts
    • 63,029 Thanks
    dunstonh
    • #4
    • 12th Aug 18, 7:57 PM
    • #4
    • 12th Aug 18, 7:57 PM
    If its just 150pm and nothing else, then every option on the advice side is going to be expensive.
    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.
    • vallumlj
    • By vallumlj 12th Aug 18, 8:29 PM
    • 28 Posts
    • 2 Thanks
    vallumlj
    • #5
    • 12th Aug 18, 8:29 PM
    • #5
    • 12th Aug 18, 8:29 PM
    Would it best if I self invest through Hargreaves Lansdowne or similar ?
    • TcpnT
    • By TcpnT 12th Aug 18, 8:43 PM
    • 156 Posts
    • 97 Thanks
    TcpnT
    • #6
    • 12th Aug 18, 8:43 PM
    • #6
    • 12th Aug 18, 8:43 PM
    Would it best if I self invest through Hargreaves Lansdowne or similar ?
    In a word - yes. For small contributions you would be better off to DIY until you have built up a more substantial fund.
    • ColdIron
    • By ColdIron 12th Aug 18, 8:57 PM
    • 4,728 Posts
    • 6,187 Thanks
    ColdIron
    • #7
    • 12th Aug 18, 8:57 PM
    • #7
    • 12th Aug 18, 8:57 PM
    You're comparing apples with pears. SJP provides and charges for advice. With HL, or any other self select platform, there is no advice. It would certainly be cheaper to self invest in the same way that doing your own plumbing would be cheaper than hiring a plumber. If you are confident then DIY, if not an Independent Financial Advisor will be cheaper than SJP, however I'm surprised they are interested in 150 per month. Do you have a family member that uses SJP?
    • Alan Brodie
    • By Alan Brodie 12th Aug 18, 9:05 PM
    • 5 Posts
    • 0 Thanks
    Alan Brodie
    • #8
    • 12th Aug 18, 9:05 PM
    • #8
    • 12th Aug 18, 9:05 PM
    I cannot comment on many investment streams. However I was with true potential and moved over to SJP and I have been very happy with what I have received from them. It could be that elsewhere is better?!? However I cannot complain with the support and advice and profits that I have seen from being with them.
    • FIRSTTIMER
    • By FIRSTTIMER 12th Aug 18, 9:13 PM
    • 397 Posts
    • 61 Thanks
    FIRSTTIMER
    • #9
    • 12th Aug 18, 9:13 PM
    • #9
    • 12th Aug 18, 9:13 PM
    St James is just another money making machine - I liken it to recruitment consultancy. I've a few friends who trained there, earned a lot of money then got out and set up on their own or leave IFA completely. They are nothing special. Just DIY imo. This website has a wealth of knowledge
    • dunstonh
    • By dunstonh 12th Aug 18, 9:46 PM
    • 95,390 Posts
    • 63,029 Thanks
    dunstonh
    I cannot comment on many investment streams. However I was with true potential and moved over to SJP and I have been very happy with what I have received from them.
    Both True Potential and SJP are ties sales forces. General rule of thumb is to either use an IFA or DIY. Not to use sales reps.
    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.
    • Silvertabby
    • By Silvertabby 13th Aug 18, 12:02 PM
    • 3,346 Posts
    • 4,943 Thanks
    Silvertabby
    Mr S received a number of letters from these people inviting him to attend one of their 'wealth seminars'.

    He finally rang them to say that he wasn't interested, to to tell them to take him off their mailing list. The person he spoke to went off on a spiel about 'how important it was to get the most out of one's money'. Then asked for details of his pensions.

    As soon as Mr S said that he was already in receipt of his Armed Forces and Civil Service pensions, the chap said that he would delete him from their mailing list.
    • Seabee42
    • By Seabee42 13th Aug 18, 12:19 PM
    • 364 Posts
    • 219 Thanks
    Seabee42
    I am dealing with a case transferring to Tru Potential Wealth,


    the charges are 4.5% for advice with 1.5% on-going and 1% per annum fund management fees. Needless to say they get a lot out of your money (with possible performance fees on top!).


    I do not know why anyone would choose to donate money in this way and sadly its legal. Of course I am not allowed to give advice and they are.
    • dunstonh
    • By dunstonh 13th Aug 18, 12:54 PM
    • 95,390 Posts
    • 63,029 Thanks
    dunstonh
    the charges are 4.5% for advice with 1.5% on-going and 1% per annum fund management fees. Needless to say they get a lot out of your money (with possible performance fees on top!).
    Ruddy hell. However, I guess that is what you get for using a wealth management service.
    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.
    • BLB53
    • By BLB53 13th Aug 18, 1:44 PM
    • 1,389 Posts
    • 1,158 Thanks
    BLB53
    Would it best if I self invest through Hargreaves Lansdowne or similar ?
    For the amounts involved you would be better going diy as the cost of an IFA would be expensive.

    Suggest get hold of 'DIY Pensions' by Edwards and follow the step by step guide to set up you own sipp with a low cost provider. HL are OK for starters but can work out more costly if you have over 30K invested as their charges are a % of the sum invested. On the plus side, there is no charge for monthly purchase of funds.
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
    • atush
    • By atush 13th Aug 18, 6:27 PM
    • 17,249 Posts
    • 10,818 Thanks
    atush
    SJP are expensive and limited.

    I wouldnt touch them with a barge pole.
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