St James's Place: How easy to move investments?
Discussion
My mother in law has recently been bereaved, a few months now, and she is hoping to clear up the last remaining financial links and accounts but SJP is the most difficult through their terrible correspondence. She has an account manager with SJP but it seems he is hesitant to call, visit or make plans for a meeting.
Her husband sadly died suddenly, over the years he placed investments with SJP but she doesn't know what the details are, products, fees, returns etc. and she is finding it difficult to speak with an adviser and considering the pain of losing someone after nearly 52 years of marriage the silence if deafening.
How easy is it to move total investments from one management company to another, is it the same as switching bank accounts, make contact and they do the rest? How difficult is it to remove or close accounts with SJP?
If so, does anyone know of a company who is approachable, considerate and able to offer advice for investment with consideration to inheritance tax implications?
The total estate is approximately £2m
Her husband sadly died suddenly, over the years he placed investments with SJP but she doesn't know what the details are, products, fees, returns etc. and she is finding it difficult to speak with an adviser and considering the pain of losing someone after nearly 52 years of marriage the silence if deafening.
How easy is it to move total investments from one management company to another, is it the same as switching bank accounts, make contact and they do the rest? How difficult is it to remove or close accounts with SJP?
If so, does anyone know of a company who is approachable, considerate and able to offer advice for investment with consideration to inheritance tax implications?
The total estate is approximately £2m
Condolences to you and your MIL.
Sounds as if your FIL had a fairly sizeable pot with SJP and I’m surprised that little documentation exists but worse still that she has been unable to make contact - that’s outrageous.
It might be that you need to make contact on her behalf with a punchy email or phone call and simultaneously threaten the so called Account manager with a complaint to their complaints dept.
Sounds as if your FIL had a fairly sizeable pot with SJP and I’m surprised that little documentation exists but worse still that she has been unable to make contact - that’s outrageous.
It might be that you need to make contact on her behalf with a punchy email or phone call and simultaneously threaten the so called Account manager with a complaint to their complaints dept.
Definitely time for the OP to step in politely and 'assist the process'.
As I understand it, but stand to be corrected, SJP are an IFA, so they don't hold the actual funds themselves, they are just a front end. The money will be invested with many different companies, with SJP on top as an extra layer. So you could either find another IFA to replace SJP, or possibly just deal direct with the underlying companies as a direct customer. But either way, before you dynamite SJP, you need to have a plan.
As I understand it, but stand to be corrected, SJP are an IFA, so they don't hold the actual funds themselves, they are just a front end. The money will be invested with many different companies, with SJP on top as an extra layer. So you could either find another IFA to replace SJP, or possibly just deal direct with the underlying companies as a direct customer. But either way, before you dynamite SJP, you need to have a plan.
knitware said:
If so, does anyone know of a company who is approachable, considerate and able to offer advice for investment with consideration to inheritance tax implications?
The obvious thought is Nik at Intelligent Money. After that you can make much better informed decisions.knitware said:
My mother in law has recently been bereaved, a few months now, and she is hoping to clear up the last remaining financial links and accounts but SJP is the most difficult through their terrible correspondence. She has an account manager with SJP but it seems he is hesitant to call, visit or make plans for a meeting.
There is at least one SJP adviser on here that can hopefully give you a hand and get some correspondence going.Simpo Two said:
Definitely time for the OP to step in politely and 'assist the process'.
As I understand it, but stand to be corrected, SJP are an IFA, so they don't hold the actual funds themselves, they are just a front end. The money will be invested with many different companies, with SJP on top as an extra layer. So you could either find another IFA to replace SJP, or possibly just deal direct with the underlying companies as a direct customer. But either way, before you dynamite SJP, you need to have a plan.
Nope, they are not an IFA and an IFA can’t step in to manage the funds as they are ‘in house” funds which also means the OP can’t contact them direct.As I understand it, but stand to be corrected, SJP are an IFA, so they don't hold the actual funds themselves, they are just a front end. The money will be invested with many different companies, with SJP on top as an extra layer. So you could either find another IFA to replace SJP, or possibly just deal direct with the underlying companies as a direct customer. But either way, before you dynamite SJP, you need to have a plan.
knitware said:
If so, does anyone know of a company who is approachable, considerate and able to offer advice for investment with consideration to inheritance tax implications?
The obvious thought is Nik at Intelligent Money. After that you can make much better informed decisions.The SJP account manager won’t make any money (and will potentially lose money) out if a transfer. You will need authority in writing to deal with the accounts and then make contact with their customers services and make a complaint.
craig1912 said:
Nope, they are not an IFA and an IFA can’t step in to manage the funds as they are ‘in house” funds which also means the OP can’t contact them direct.
The SJP account manager won’t make any money (and will potentially lose money) out if a transfer. You will need authority in writing to deal with the accounts and then make contact with their customers services and make a complaint.
Thanks for the clarification. So the account manager is the only way in.The SJP account manager won’t make any money (and will potentially lose money) out if a transfer. You will need authority in writing to deal with the accounts and then make contact with their customers services and make a complaint.
So we come onto the questions:
1) Why do you want to move from SJP?
2) It sounds as if the only way to do it is to sell the lot to cash... which may have tax implications. 'Golden handcuffs'?
She should go through whatever paperwork/letters she can find for a start.
It won't be a quick process,
StJP's ongoing charges are excessive (in my opinion), and client service is not commensurate with what one pays in fees.
Some IFA firms will be happy to have an initial 'chat' to give you some ideas on how to proceed and switch, whether it's with them or any other firm to manage funds and investments.
StJP's ongoing charges are excessive (in my opinion), and client service is not commensurate with what one pays in fees.
Some IFA firms will be happy to have an initial 'chat' to give you some ideas on how to proceed and switch, whether it's with them or any other firm to manage funds and investments.
If haven’t done so already Contact their Breavement team. I’ve not dealt with SJP, but all the financials I had to deal with for my father’s estate I found the Breavement departments to be very helpful at leading you through their processes and what they required the executor to provide in order to transfer control of shares, Isa, etc, etc
knitware said:
If so, does anyone know of a company who is approachable, considerate and able to offer advice for investment with consideration to inheritance tax implications?
Have a look at the IM stickies at the top of the Finance forum (there are several):https://www.pistonheads.com/gassing/topic.asp?h=0&...
Get in touch with Nik to start with.
So many helpful replies, thanks to all.
Some actions for me, well, it will be my wife who has been the administrator for her mother.
Great idea to talk to the SJP bereavement team. It may well she is in the best place with SJP but she needs the investment details in order to talk over with another management company, person, to see if investments are safe(as in risk), returning an income and fees are appropriate.
Her husband was the earner in the family, he made investments and before his death he was preparing all the details of those but never finished.
It's horrible for my MIL, I just want her to be able to understand what is where and give her piece of mind, she's worried about income, where its coming from and inheritance tax. I can't believe the lack of support from her account manager, emails and calls unanswered.
Some actions for me, well, it will be my wife who has been the administrator for her mother.
Great idea to talk to the SJP bereavement team. It may well she is in the best place with SJP but she needs the investment details in order to talk over with another management company, person, to see if investments are safe(as in risk), returning an income and fees are appropriate.
Her husband was the earner in the family, he made investments and before his death he was preparing all the details of those but never finished.
It's horrible for my MIL, I just want her to be able to understand what is where and give her piece of mind, she's worried about income, where its coming from and inheritance tax. I can't believe the lack of support from her account manager, emails and calls unanswered.
Mr Pointy said:
knitware said:
If so, does anyone know of a company who is approachable, considerate and able to offer advice for investment with consideration to inheritance tax implications?
Have a look at the IM stickies at the top of the Finance forum (there are several):https://www.pistonheads.com/gassing/topic.asp?h=0&...
Get in touch with Nik to start with.
knitware said:
It's horrible for my MIL, I just want her to be able to understand what is where and give her piece of mind, she's worried about income, where its coming from and inheritance tax.
It's a horrible shock when you have to start managing money after so many years of not having to worry about it. And suddenly getting £2M to understand.She's also vulnerable to getting stitched up, so stay vigilant. You have the wise owls of the Finance forum to assist (not me BTW). Nothing gets past them.
I would make sure that you or someone else trustworthy is present at any meetings and form signings.
It's relative though as with £2M you've already won (appreciate that may sound crass in the circumstances but I mean purely in financial terms).
Fees matter.
I could easily see with that sort of pot that your mother in law may be paying SJP more to manage the money than she's spending on herself.
Fees matter.
I could easily see with that sort of pot that your mother in law may be paying SJP more to manage the money than she's spending on herself.
Sorry for your loss, and this sounds very stressful for the family. SJP don’t seem to be getting much good press at the moment which is worrying for such a big firm.
Hopefully you get things sorted, but if you don’t I have a lady we have used for our clients for years. She is open and trustworthy, and always does right by her clients, so let me know if you need an intro.
Hopefully you get things sorted, but if you don’t I have a lady we have used for our clients for years. She is open and trustworthy, and always does right by her clients, so let me know if you need an intro.
hstewie said:FatboyKim said:
It will be in the region of 0.5% ongoing charge of the funds under management
That's typical for the advice part (although I recall some old contracts pay the adviser 0.25% pa)Total costs are ~1.8-2.2% pa.
FatboyKim said:
but the initial fee is where SJP stings you. 4.5% currently 
5% for ISA, 0% (explicit, although the adviser gets 3% IIRC) for pensions/investment bonds.Negotiable in some cases I believe.
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