St James's Place Advice charges

benjaminfabi

Hi,

As per the title, specifically for non-life products ie ISA and unwrapped holdings.

I can see a comprehensive level of disclosure on the various unit trusts costs, but what about the ongoing advice charge? In the life products this is also clearly explained, but for the ISA and unwrapped holdings is it Partner specific? Also, can Partners charge more that the standard 0.5% advice fee on life products if they agree it with the client?

Thanks

arongunningham

I don't know the answers, but I saw a report of their finances which shows their profits being higher than what normal advisers would even charge as an ongoing fee.

ruthiebusybee

I usually ring up and omit to mention what capacity I'm calling in, and they are more forthcoming with such information.

They still get a good proportion of their fees from fund charges................how is that still going on?

DanAtkinsonUK

I've just had that. Post-RDR (technically a disturbed bond) onshore bond. Advice charge is part of the AMC/EMC bundle and they have to give you a special withdrawal statement that shows what they deducted... They don't tell you what the % basis is for the advice though which is unhelpful. At least they worked out the chargeable gain for me - there were withdrawals across all segments as well as segment surrenders and regulars that stayed the same (nightmare!)...

benjaminfabi

I love a good bond surrender calculations. Especially complex ones! Will you trust the figures you've been given?

Jona

@DanAtkinson SJP do calculate / account for the advice fee in calculating available 5% tax deferred withdrawal?

DanAtkinsonUK

Yes, they do @Jona

arongunningham

this is an interesting read: https://www.yodelar.com/insights/st-jamess-place-charges

I had a potential client say they'd seen an SJP adviser as well as me, I had delight in sending them this and saying our initial fees work out to be 0.6% and there'd be no exit charges.