RE: Bloe21 Dec 2019 21:57
Hilly
fca ain't watching anything and as for james place lads - they would say that, unless it was in their interests to do so.
https://international-adviser.com/st-jamess-place-under-fire-again-over-adviser-incentives/
excerpt..
according to the unnamed adviser, SJP partners are pushed to only sell the firm’s funds.
Partners are also encouraged to hit sales targets, by churning any existing clients into SJP funds.
The unnamed adviser said that the wealth manager takes its fees from its customers’ savings, such as a 5% charge for each investment made outside their pension and a 2% annual fee.
Clients can even be hit by penalties if they move their money away from SJP.
“Over time, because of the compounding effect of these charges, we could take almost half their profits,” he revealed to The Sunday Times.
On top of luxury cruises, top performing partners can even get 18-carat white gold, diamond encrusted cufflinks – worth around £1,200 – Montblanc pens and Mulberry bags.