St James's Place

[IceBoy]

Hi All,

Just wanted to get your views on St. James's Place.

I have had my first meeting with them (they approached me), I'm pretty impressed but what is the catch?

Are they as good as they make out?

I'm mostly interested in Inheritance tax planning, capital gains tax, planning my retirement and generally being as tax efficient as possible.

IceBoy

[KevinCamaroSS]

They have been superb for my parents, but then, one of their very senior partners is a family friend.

[anonymous-user]

They aren't an IFA.

In my experience some of their advisors are very good, some less so.

[Zod]

They cold call me all the time. Their charges are excessive.

[WhiskyDisco]

https://www.telegraph.co.uk/pensions-retirement/ne...

<quote>
Mr Taylor was disconcerted to discover St James’s Place’s use of controversial “lock-in” fees, which apply for six years after the money is moved.

“I went through the documents, but the exit fees caught my eye. I argued that they’re effectively handcuffing me to them and they agreed to halve the fees.”

...

St James’s Place’s fee structure involves an upfront 4.5pc “advice fee” then 0.5pc ongoing. On top of that it charges an initial 1.5pc initial “product” fee as well as fees to cover underlying investments.

</quote>

[Vixpy1]

Zod said:

They cold call me all the time. Their charges are excessive.

Me too, and letters

[nitrodave]

They have pretty hefty hidden exit fees. Be warned.

You're far better off getting on unbiased.co.uk and finding a good local fully independent IFA

[Cupra Black]

They have been managing my pension for a few years now and the growth has been excellent

[Willhire89]

SJP cost me a huge amount of money due to the investment strategy they employed coupled to their fees - after three years when fund growth continued to be minimal I had an overview from an IFA they picked up easily why it was never going to produce good returns - as an example I had £125,000 held in cash

I moved from them three years ago and fund growth has been 3x that achieved by SJP ever since

They are to be avoided

[jonah35]

Slick marketing
Company set up around 1993
A lot of old allied Dunbar and Halifax bank advisers work there
You’re called a partner but are effectively self employed and get paid by selling their products
They are not independent
Some say their charges are high
Exit charges on some plans mean that you can be seen as being locked in whereas most other providers don’t do that
They are financially stable

Would I go to them for inheritance tax advice? No, I’d use a specialist tax adviser like an accountant that isn’t reliant upon selling products to generate a fee

Each to their own
I’d maybe speak with a reputable chartered independent financial adviser and then compare the two

[GDub44]

SJP? Be careful. Be very, very careful.

[Janluke]

We've been with them for several years now and have been very happy with the level of growth

[GDub44]

As with any financial investment, just make sure you’re fully aware of what you’re getting into before you commit.

[craig1912]

Get an INDEPENDENT Financial Advisor

[Mashwort]

My take would be it depends on the advisor you get. We've used one from SJP for 10 years and he has delivered excellent growth (post fees) on our investments, a balanced portfolio and has provided additional help on numerous occasions (e.g. he went through all the paperwork for mother in laws pension, explained it, laid out the options etc even though there was no fee opportunity there for him).

I'd highly recommend our advisor, whether he's reflective of the wider SJP brand is a more open question

cheers

[POORCARDEALER]

Basically Allied Dunbar rebranded....friend of mine works for ST J, amd was with AD before.....his earnings are astronomical, so he must generate huge fees

[craig1912]

Even the best advisors can only offer restricted advice.... and they seem expensive to me.

https://www.sjp.co.uk/wealth-management/investment...

https://www.sjp.co.uk/wealth-management/retirement...

Not sure of the wisdom of paying more for restricted advice?

[tighnamara]

IceBoy said:

Hi All,

Just wanted to get your views on St. James's Place.

I have had my first meeting with them (they approached me), I'm pretty impressed but what is the catch?

Are they as good as they make out?

I'm mostly interested in Inheritance tax planning, capital gains tax, planning my retirement and generally being as tax efficient as possible.

IceBoy

I was with them a number of years, may have been the adviser I had but he always seemed to be running about gathering information when I turned up for financial review. Funds performed quite well but then the market was performing well.
They like the fancy office in the top area and glossy magazines that meant nothing to me.

Reasons I left:
Excessive exit charges (paid them with gritted teeth to get out)
No real retirement planning provided
Adviser didn't give that personal touch (missed meetings, no preparation etc)

Was it the correct decision, don't know

[Twin1]

I'd echo what a few have said already in that it totally depends on your partner. My parents have been with them for years and done extremely well, through a succession of very professional partners. I used them initially and had the same partner as my parents but was re-profiled based on my assets/selling potential to a partner whose existence I don't really understand. Gets in touch once a year for an awkward chat, doesn't try to sell me anything even when told I have other investments etc.

[ClaphamGT3]

The right advisor and using them as part of a portfolio of investments - fine. All eggs in one basket &/or wealth management advice - no way. Been with them 17 years in one fund. They have made me a lot of money but, as I always tell my man there, I have made him a lot of money too.