St James Place for Pension management
Discussion
https://www.pistonheads.com/gassing/topic.asp?t=10...
A few happy punters....plenty less so!
More on MSE - see https://forums.moneysavingexpert.com/showthread.ph... for one tale....
Strikes me as a bit of a Hotel California for money.....easy to get in, harder to get out: famously high exit penalties.
Personally, I would avoid like the plague....but each to their own!
What draws you towards them?
A few happy punters....plenty less so!
More on MSE - see https://forums.moneysavingexpert.com/showthread.ph... for one tale....
Strikes me as a bit of a Hotel California for money.....easy to get in, harder to get out: famously high exit penalties.
Personally, I would avoid like the plague....but each to their own!
What draws you towards them?
check the fees, penalties etc and decide what you are actually getting for your money compared to just sticking it in a low cost Vanguard fund. Other half had a pension with them and it didnt perform well, pulled it out in the end after 10 years and put it in her own self managed SIPP.
jinkster said:
Colleagues at work have had good opinions to say about them especially one particular broker.
It is curious,....I have a good pal who has a SJP FA, and won’t question anything about charges. Feels like the fella is a Svengali to him 
Their structures (charges, “lock-ins” and net returns!), discussed some time ago on a thread here, are obfuscating to the point where even a ‘fan’ had to admit they weren’t too clear on why they were so confusing.....if your colleagues have some really clear summaries, please feel free to share (seriously!).
I prefer my finances to be to the point where I understand them. Hence perhaps why I am a moderate fan (& small investor) of the IM sticky thread on this sub-forum: I’d recommend a skim of that to you....but I’m also a fan of the approach of Lars Kroijer
Maybe I’m missing out, of course
The Leaper said:
My golden rule: always look at the costs of getting out, rather than the advantages of being in, before deciding to go ahead.
R.
Definitely this! R.
Thanks for the mention Mike.
OP - You mention you are looking at them for pension management, but don't mention why you are looking at a provider that includes the cost of financial advice within this, thereby massively increasing the charges you will pay.
I think that anyone looking at engaging (and paying for) a financial adviser (SJP or otherwise) needs to question what they want out of such advice (as most of this is actually financial planning - the advice bit simply being the product/fund recommendation) and how is the adviser going to actually add any value to you for the fees you are paying them.
OP - You mention you are looking at them for pension management, but don't mention why you are looking at a provider that includes the cost of financial advice within this, thereby massively increasing the charges you will pay.
I think that anyone looking at engaging (and paying for) a financial adviser (SJP or otherwise) needs to question what they want out of such advice (as most of this is actually financial planning - the advice bit simply being the product/fund recommendation) and how is the adviser going to actually add any value to you for the fees you are paying them.
The brokers are often very good (if 'good' means attentive and responsive) but do they make you pay for it. And like of all of the industry, some of it is easy to compare, and some of it isn't.
I would avoid SJP completely - I've also managed to get my sister and mother to stop using them even though for several years they were extremely happy......until they started to look more closely at the costs.
I would avoid SJP completely - I've also managed to get my sister and mother to stop using them even though for several years they were extremely happy......until they started to look more closely at the costs.
jinkster said:
85Carrera said:
jinkster said:
Looking at St James Place for pension management. Pros and Cons?
Thanks.
Do you not read the news at all?Thanks.
Talking of news:
https://citywire.co.uk/wealth-manager/news/helena-... - even SJP Directors cannot explain things
https://www.thetimes.co.uk/article/worried-by-the-... (behind paywall, but even the first few paragraphs are interesting) - it did feel like a bit of a witch-hunt, but I would suggest not without some reason - their fees are high, incentives more suited to a poor car dealership, & penalties are legendary!
Do let us know what things you find - sharing is caring!
We use them as a business via a school friend of my business partner. We negotiated the fees down and exit fees were plain for us to see.
My brother is a stockbroking director in Liverpool and he says that their products are generally good but fees are high which then led us to negotiate successfully.
We're happy so far but whether the connection makes a difference I couldn't say?
My brother is a stockbroking director in Liverpool and he says that their products are generally good but fees are high which then led us to negotiate successfully.
We're happy so far but whether the connection makes a difference I couldn't say?
I mentioned earlier "I prefer my finances to be to the point where I understand them. "
Timely tweet from Motley Fool , thought it worth sharing here:
There are, by one count, more than 56,000 personal finance books on Amazon. But 90% of personal finance can be summarized as, “spend less than you make and invest the difference for the long run.” No need to overcomplicate it.
Timely tweet from Motley Fool , thought it worth sharing here:
There are, by one count, more than 56,000 personal finance books on Amazon. But 90% of personal finance can be summarized as, “spend less than you make and invest the difference for the long run.” No need to overcomplicate it.
jinkster said:
Colleagues at work have had good opinions to say about them especially one particular broker.
Are you confident that those colleagues are in a good position to judge? E.g. do they have independent knowledge and experience of financial planning? Are they being dispassionate in their assessment, or are they talking their own book?jinkster said:
Looking at St James Place for pension management. Pros and Cons?
Thanks.
Cons... no other answer really.Thanks.
Suggest you read The Times articles amongst many.
Why anyone would pay over the odds for restricted financial advice that invests in generally poor funds , I have no idea.
https://www.thetimes.co.uk/article/worried-by-the-...
https://chatfieldprivateclient.com/the-sunday-time...
https://www.yodelar.com/insights/st-jamess-place-r...
https://www.thetimes.co.uk/article/st-jamess-place...
Edited by craig1912 on Tuesday 21st January 18:35
Why pay them extortionate fees for average funds, and take another hit if you decide you want to move.
Take a look at Vanguard, pretty much the lowest fees in the industry, highly respected and reputable company. Equally good if not better choice of funds, Those fees could make tens of thousands of pounds difference to your pot over a couple of decades.
I can't remember all the figures off the top of my head, but I remember taking a look at SJP's website a while back and I was shocked at the fees they get away with, and I was very glad I went with Vanguard.
From what I've read, there seems to be an element of snobbery about SJP, where well off clients don't seem to mind paying a "Premium" just so they can say they are with SJP, and have their egos massaged by some adviser in an expensive suit, even though the overall outcome is almost certainly going to be worse than a low cost Index tracking fund.
Take a look at Vanguard, pretty much the lowest fees in the industry, highly respected and reputable company. Equally good if not better choice of funds, Those fees could make tens of thousands of pounds difference to your pot over a couple of decades.
I can't remember all the figures off the top of my head, but I remember taking a look at SJP's website a while back and I was shocked at the fees they get away with, and I was very glad I went with Vanguard.
From what I've read, there seems to be an element of snobbery about SJP, where well off clients don't seem to mind paying a "Premium" just so they can say they are with SJP, and have their egos massaged by some adviser in an expensive suit, even though the overall outcome is almost certainly going to be worse than a low cost Index tracking fund.
Edited by BlackG7R on Wednesday 22 January 21:15
Edited by BlackG7R on Wednesday 22 January 21:20
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