St James's Place Wealth Management Review

[@Pensioncraft]

If you're interested in learning more about investing then why not become a PensionCraft member? Pensioncraft.com members can enjoy lots of benefits, so to find out more about these and how to join our friendly community please click here www.pensioncraft.com/investor-education/membership/

[@simony2801]

An excellent video, you were able to allude to how poor this company actually is without slagging them off, well done, thanks for the insight.

[@Pensioncraft]

Hi Simon Y, I'm Glad it helped. Ramin

[@mattinterweb]

Great video. My folks invested with SJP (as they didn't know any better and didn't ask the right questions) I used this video as part of my expose of this white collar robbery! Even after paying the criminal 5% exit fee by using the graphs link you provided they literally could save a 6 figure sum over a 10 year horizon.

[@anne-mariefindlay1626]

Ditched these bandits at the beginning of this year and managing my own portfolio with low cost funds. I add on 2% to my gains for the fees I’m not paying anymore for underperforming funds and greedy overpaid fund managers!

[@mokhan7008]

Thanks for this video - I met with a financial adviser from St James Place last week but shall not be progressing any further with them. High up-front fees and even higher exit fees (though they call it something else!) = over 10% of your investment - that's a shocking amount of your hard earned money which they help themselves to.

[@JohnPaul-tn4vo]

This is simply not true. Your figures are wrong.

[@scottclarke9160]

At first I thought that this was an SJP advert but I was very wrong. Yet another excellent clip. I really enjoy your content.

[@Pensioncraft]

Hi Scott that made me laugh out loud, thank you! Ramin.

[@sunshinejones8643]

My brother in law works for SJP. I am invested in Vanguard

[@Pensioncraft]

8-)

[@jkings6602]

This was great, thanks, I've been looking for "spell shredded" for a while now, and I think this has helped. Have you ever come across - Fanubrey Konrayson Eradicator - (just google it ) ? It is a good exclusive product for using a secret witchcraft system to get fast success without the normal expense. Ive heard some pretty good things about it and my mate got great success with it.

[@davidsebastianvegas3534]

Winner of a video, been searching for "how to spell affluent" for a while now, and I think this has helped. You ever tried - Fanubrey Konrayson Eradicator - (just google it ) ? It is an awesome one off product for using a secret witchcraft system to get fast success without the normal expense. Ive heard some great things about it and my colleague got excellent results with it.

[@dannybrazen]

I went to school with a guy who is now an sjp partner. Started his own “franchise” under the sjp name (I don’t know if that’s the right term, but his website affiliates him with sjp). I was about to message him for financial advice as he’s an old mate and I have some money I want to invest; and his Facebook is filled with pictures of him with new Ferraris and a fabulous house (and the obligatory trophy wife). I thought “he’s doing well, he probably knows something I don’t”. Might not send that message now

[@oliverlucas5740]

An excellent, well delivered, well researched and balanced assessment. Really valuable, thank you

[@Pensioncraft]

So glad it was helpful Oliver Lucas.

[@carlyndolphin]

I use SJP and I also use Vanguard. In fact my friend works at SJP, and so far I’ve seen some pretty decent returns on both platforms.

[@maharanilaxshmi3317]

Great video. Almost nine years ago I invested in one two of their on shore and offshore bonds as I didn’t have much knowledge of the markets at the time, and also my own portfolio with fidelity. I have been asking all the questions you mentioned and now caught up in and awaiting for transparency regarding fees. It has taken a long time and the situation has yet to be resolved.

[@MartinJG100]

Very good. You analysed and articulated my own views. When they first arrived on the scene, many IFA's were reluctant to join 'The Club' because financial impartiality went out of the window as their terms of membership were that all business had to be channeled their way, regardless. I am afraid I take 'asset management' with more than a pinch of salt. Me thinks we could be looking at bubble territory.

[@Pensioncraft]

Hi MartinJG100 I notice that there are lots of articles in the media about St James's Place at the moment so people must be aware of the problems. The number of Partners seems to be increasing quite rapidly (over 4000 at the moment) so they're still growing rapidly. Their inflows slowed in their latest half-year results www.sjp.co.uk/news-and-media/news-and-insights/corporate/31-07-2019 and their share price fell as a result. But they still seem to be doing very well as a company. I think their clients might do better buying their shares than their funds. Thanks, Ramin.

[@VP-wt5dv]

You have to look beyond brute return. Risk adjusted return and also many more facets of wealth management: estate planning, tax planning, corporate planning, retirement planning, cash flow Planning et cetera

[@mixerman8]

You can do most of that yourself, seek those advises later on as and when you need them on one off small payments. Shouldn't have to have around 60% of your wealth taken from you over the course of a lifetime its daylight robbery. Im leaving and sticking with Vanguard, I'll get better performance and save tens of thousands over the years.

[@WeltonFamily]

I evaluated SJP as a potential client and whilst I found the service to be very good, I also compared their funds to low cost S&P 500 trackers and found them to be no better, possibly worse depending on time periods. As such I did not proceed. Also note the New Client Fee’s and exit fees are negotiable to zero if you have a reasonable size pension pot.

[@Pensioncraft]

Thank you for watching and commenting

[@jbullionaire2749]

My parents went with St James for their modest savings. This was before I knew about investing and index funds ect. I was shocked when I saw the fees they were being charged. Just wish I'd been up to scratch with my knowledge so I could have advised them (for 0%) before they payed the up front fees!

[@Pensioncraft]

Hi JBULLlONNAIRE I'm sorry to hear that, Ramin

[@MrScottm92]

Great video. Cuts to the point in a clear and considered fashion. You've genuinely helped inform my investing considerations

[@Pensioncraft]

Glad it was helpful @MrScottm92@MrScottm92

[@benjaminm39999]

Great topic for a video Ramin. Investors need to know about this. I can only assume that SJP's client base consists mainly of high net worth individuals who really don't understand investment or personal finance, and think their returns are good because they compare them to returns on cash and because they don't even follow the returns of the market as a whole. It's amazing how many wealthy people I come in to contact with actually use these guys, especially when you consider how easy it is to learn about this stuff. It amazes me how people will spend a couple of hours every week or two mowing their own grass or cleaning their own windows when they could pay about £9 for someone to do it for them, but they won't spend a one off 2-3 hours learning enough to sort out an ISA and SIPP with a low cost platform and invest into a passive multi-asset fund! Even though this could save them hundreds of thousands of pounds!

[@Pensioncraft]

Hi Benjamin, I agree that a little bit of time spent learning about how to set up a cheap ISA or SIPP and how to set up a cheap diversified portfolio can make a huge difference to someone's wealth. Several of my clients are ex St James's Place clients who realised how much they were paying in fees. Thanks, Ramin

[@Mackenway]

My thoughts exactly. SJP's clients will typically be successful professionals in their own fields - medicine, law, corporate sector etc - and likely to falsely assume that the factors governing performance in their own professions will also hold true in the investment arena, namely that: 1) High performance is generated by highly talented experts, diligently applying their specialist knowhow and acumen to deliver outstanding results; 2) Quality is correlated with price - a premium price is a good indicator of a premium product (you get what you pay for). Then they look at the investment industry with its sharp suits, glossy brochures, impressive-sounding specialist terminology and prestigious names on shiny brass plates, and instinctively feel reassured that they're in safe hands. High cost no doubt confers the feeling of having purchased a positional good or status symbol (clients no doubt value being able to tell their golfing buddies that "I have St James's Place manage my money").

[@benjaminm39999]

“....and Woodford manages one of my funds don’t you know!”. All the while, the golfing buddy with the budget set of golf clubs and the Vanguard account will be accumulating wealth at a far faster rate!

[@mark.k7206]

As Warren Buffet has repeatedly said......human behaviour won't change. wealthy individuals, pension funds and the like will continue to feel they deserve something extra in Investment advice and have great trouble signing up to financial advice that is available to those only have a few thousand dollars.....so they continually pay fat fees to receive returns that are equal or lower than just following the S & P 500 with a vanguard tracker who charge only 0.05%....

[@Pensioncraft]

Hi Concerned Voter I agree, some people think that paying a premium gets them a better service but with investment the lowest fee approach (a cheap, passive, diversified portfolio on a cheap platform) usually generates the best result for most people. But I hope the message about fees will get through. Thanks, Ramin.

[@michaelp998]

They send round some femme boy to a house with three wealthy widows. “ Oh what a charming young man he was”…….two invested with femme boy from this lot, one didn’t. After two years , the two investors pulled out with a great deal less than they put in…..femme boy saying it wasn’t the right time to pull out…..as it never was a good time..ever The widow who didn’t put her money in had a JPM account and did very well nicely.

[@oliverdesvaux]

Fantastic video- after listening to this in depth, I have to say, you’ve sold it to me.... Where can I sign up to St.James’ Place!!

[@cavanhalley7537]

Oliver de Marigny have you found yourself an SJP partner?

[@markkendall6854]

Great video, very insightful, I have a few colleagues at work who have transferred high value pension pots to SJP and seem very happy, your view makes me feel otherwise.

[@Pensioncraft]

Thanks for sharing!

[@georgeross3559]

@@kw8757 what did you do instead?

[@kw8757]

@@georgeross3559 I have a mix of a final salary pension and private pension. I’m transferring my personal pensions to a SIPP but not till next year after bonuses have been paid. I also looked at a couple of local advisors but their charges were ridiculous too.

[@raymondbest4752]

Yodelar Review of St James Place 10th March 2023 80% of St James’s Place unit trust funds rated as poor performing High charges and poor performance across their entire range of funds 80% of SJP funds performed worse than half of same sector over 10 years. 15% of all St. James’s Place funds returned losses over 10 years 75% of SJP funds yielded returns below the sector average over 5 years St James’s Place initial fee more than twice the industry average £100 billion managed by St James’s Place is held in poor funds Restricted advice with no onus to provide comparative performance. Please explain ?

[@itstaimoor]

Great video Ramin! VERY expensive fund of funds style of management these guys do. I have a new theory... The fees an investor pays are inversely proportional to their knowledge. Know more pay less, know less pay more. Maybe it applies to all areas of life!

[@Pensioncraft]

Ha yes Taimoor, that was one of my catch phrases when I started PensionCraft - "the more you know the less you pay". I think it does apply to other areas of life. Thanks, Ramin.

[@Jeffybonbon]

on a side issue I think I might become a shareholder They will pay good dividends by the looks of it what do others think

[@Pensioncraft]

Hi dislexic landlord I'd be wary of investing given the negative press they've been receiving recently. But, as you say, their dividend has been generous historically and if they do manage to continue growing their Funds Under Management despite the outcry about their fees then the dividend could continue growing in line with their increasing revenue. Another risk is regulatory: their Early Withdrawal Charge for their pension and investment bond products could get scrapped by the Financial Conduct Authority which would be a blow for their funds in "gestation". Thanks, Ramin.

[@Jeffybonbon]

I would not be surprised if the regulator jumped on them and That's not a bad thing IMO

[@MrG.42]

Do they sell bridges as well? I would like to buy one.

[@emgee9775]

I was overcharged fees, sloppy management, I’m out. Do not trust theses scam merchants

[@Pensioncraft]

Hi @emgee9775 many people who have joined our website membership (pensioncraft.com/membership/) have done the same as you have and decided to manage their own investments. This comes with a steep learning curve initially but personally I think it has been worth it as I prefer to manage my money myself. Thanks, Ramin.

[@jaxeden]

Very educational. Thank you

[@JohnHoganN8]

SJP clients cannot all be stupid can they? If it is ONLY about returns then anybody can save some money elsewhere but how much is enough? Why do people bang on about this “door charge” on pensions? You are supposed to be investing for the long term and the fees aren’t doubled up during that time. It is also a holistic service to include estate, tax, drawdown etc which are all included. The relationship and comfort level is also very important to people. SJP definitely aren’t as transparent as they should be on the cash value of charges and the FCA / Financial Ombudsmen should really intervene on that. Outcomes are not just about returns!!!!

[@InSadly]

Be careful, when I looked (4 years ago) one of the hidden costs was the large (when I looked I estimated 5%) bid-offer spread in buying/selling their funds and the estimate I made that they churn 15% of their investors funds annually. So the arithmetic says that if you have a £100,000 SIPP then £15,0000 would get bought/sold each year, the bid/offer spread (if 5%) adds £750 to costs on top of the fees they charge and the fees in the funds. All these are estimates and involve some guesswork, so please just do your own homework and don't rely on my figures.

[@peterharris3096]

I think some high net worth individuals oddly lack the confidence to manage their wealth by choosing and diversifying funds using a platform I suspect its the lack of certainty and the risk of making poor fund choices. Depending on how they have achieved their wealth. Some advice includes tax efficient withdrawals.

[@Pensioncraft]

Hi Peter, you're right some people just want to delegate the management of their money to someone else because they can't be bothered to do it themselves i.e. getting a wealth manager to manage your wealth is like getting a gardener to do your gardening. But I guess a gardener wouldn't take half your plants over 20 years leaving you with a garden with gaps in the borders... Thanks, Ramin.

[@barnstar2077]

@@Pensioncraft - Haha, this made me laugh, thank you : )

[@BinanceUSD]

@@Pensioncraft Hargresves Landsdown would have took a good chunk too.. for what ?

[@Pensioncraft]

Hi @@BinanceUSD I agree that Hargreaves Lansdown is expensive too. Thanks, Ramin.

[@TAPS147]

This was a very enlightening and objective view of SJP! Many thanks

[@Pensioncraft]

Hi TAPS147 thank you very much! Ramin.

[@nickclement]

I'm keen to leave SJP, 6yrs is up. What would you recommend one to look at instead? I've a few self-employed pals in a similar position that shared the same accountant and SJP was pushed our way by them regrettably.

[@talbotsunbeamer]

Ramin posted a video dated 27th June 2020 re best Investing Apps. His personal opinion is that if you have a small portfolio, A J Bell is good because of it's low fees. For larger pots (in excess of £100K, which I assume you have considering you're a SJP client) Interactive Investor gets the nod for it's fixed fees. That all said, I think Ramin is with Vanguard.

[@mixerman8]

Hi Ramin been with them 6 years with a decent ISA, got a fantastic advisor but your right its the fees just can't be justified. It cost me 5% initial setup charge, 2% annual all in and 3% cost to put money in. Its a shame because I've got good relationship with advisor. Last 2 years all I've done is study the markets. Did favour Baillie Gifford at first but their funds have had an incredible run up but are now having huge reversals and still more to bottom back out. I've decided straight forward Vanguard, its between Lifestyle strategy 100 or the new sustainability 85/15. Lifestyle a lot of people saying heavy leaning towards UK but I see that as a good thing as its undervalued and its very defensible as there's alot of commodities in. Sustainability only worry is its huge leaning towards the US around 60%.

[@barnstar2077]

I have been using the Vanguard FTS Global All Cap Index fund myself (switched from VLS a year or so ago.) Similar to the VLS funds, but a bit more accurate in it's weighting to the global market.

[@mixerman8]

@@barnstar2077 gone for the new sustainability wellington managed fund. Mixture of high growth stock and way under valued stock. In these times seems sensible way forward. High dca 25% in sp500 to run alongside long term.

[@neilturner6749]

No there’s no 3% charge to put money in - it’s part of the 5% initial fee.

[@mixerman8]

@@neilturner6749 yes there is, I paid 3% on additional monthly contributions. At the end of the day we're paying for services but the charges all round we're very high and poor performing funds compared to the general MSCI.

[@macg33zr]

Their charges and fees are outrageous! Hopefully not too many hardworking people getting caught in their trap and just the stupid rich who go for the name.

[@Pensioncraft]

Hi macg33zr I don't understand why their fees are so high but they manage to retain their customers. Thanks, Ramin.

[@ih2122]

thanks for posting... informative and really helpful...

[@Pensioncraft]

Glad it was helpful IH

[@stevemccormick8751]

A Great well considered video. I only wish I had see it 20 years ago. We have all our investments including two pensions with SJP and I have just (semi) retired. With this extra time I spent a few months investigating passive investing in index funds, various investment platforms and various fee structures. As a result we have transferred our remaining ISA to Invest Engine into a 3 fund passive portfolio and the fees are a fraction of SJP ( about 10 times cheaper). We are now deciding what to do with our pensions which has triggered SJP into looking into how they can compare their funds to index funds and try to convince me they have a better solution. A bit late imo. The higher fees SJP charge was always explained away by the fact that they would out perform the other investors by more and therefore be a better option. And 1 or 2% is a very small fraction. No mention of compounding on fees, only on investment growth. I just wish I had asked to see independent proof. Anyway, spilt milk and all that, I am now looking forward to truly independent investments under my control which have shown to outperform most of the so called experts. I know that past performance is not an indication of future returns but past fee charges is definitely an indication of how much money I have lost. Keep up the good work 👍🏻

[@BinanceUSD]

On your last point Ramin, Shareholder profit increase means you have a profitable business which customers like to pay for and value the service.

[@Pensioncraft]

Hi Crypto Jensen that's one possibility. Another possibility is that the business has customers who do not realise that they are being charged very high fees. That's why I think explaining the fee in terms of gains you keep may make some customer less price insensitive. Thanks, Ramin.

[@kp-qr6hy]

Sjp partners tend to be your best friend. This makes it hard for u to second guess them, wait until u do question or ask to leave, Then u find you were a cash cow and u r on your own to try and get out

[@quiche192]

Great video, good on you for exposing what a rip off schemes like this actually are. What's comical though is how good some of their clients think SJP is! Just shows you the power of marketing. Give something a prestigious sounding name and people will sign up without even bothering to research if it is any good. Incredible

[@Pensioncraft]

Hi Dan F it is surprising how loyal SJP customers are. PensionCrafters tell me that their experience wasn't positive and they didn't realise how much they were paying in fees, but perhaps some of their customers are loyal because they like the service. I suppose some SJP Partners are better than others and ultimately people build a relationship with their SJP Partner not the company. Thanks, Ramin.

[@chrisf1600]

Wonder if they'd attract the same clientele if they called themselves "Milton Keynes Wealth Management" ? I suspect not.

[@RanjitSingh-zg5hv]

Everything is negotiable, I shopped around and I am a very happy SJP client. I felt that they give me peace of mind and also added value because as you say anyone can put their money into a tracker fund and hope for the best, what happens when that tracker fund is investing into carillion and Thomas cook and they go under? Who do you blame then? SJP offer more than investments to me they have helped me with getting my estate into order and knowing everything is structured properly for when I am not here. Can a tracker fund offer that? I also know IFAs that are independent in name only and don’t shop the whole market as you suggest for their clients. Be interested to know your thoughts on this Ramin

[@darrenmcdermott6443]

i dont see why the 6 year early withdrawal is an issue, isnt the normal advice that investments should be 5-10 years minimum ?

[@barnstar2077]

True, but it also stops people from leaving right away if they realise that they could get a better return from a few index tracker funds.

[@Pensioncraft]

Hi Darren, I agree with Barn Star's point. I prefer a platform which keeps me loyal by providing a great service rather than a whacking me with a fine if I leave. The problem is that fees will eat up a large proportion of an investor's gains with St James's Place, a choice which is unlikely to be anyone's "normal advice". Thanks, Ramin.

[@dachanist]

Why would you dump 6% on day 1? That's like saying the realtor commish doesn't matter when you buy your house or the car lot mark-up doesn't matter when you buy your car. Might as well not care about the price of anything... Or the direction for that matter...

[@rainydayswithdogs]

Thank god for Jack Bogle.

[@rdubitsk]

SJP is a complete scam. I interviewed with them to manage my money. I quickly determined that SJP was completely non economic. Thanks for the insight.

[@Pensioncraft]

Hi Rod, my pleasure. I'm glad you found a more economic alternative. Thanks, Ramin.

[@InvestingEducation]

I think fundsmith is one of the best funds out there, uk or otherwise. In fact I compare my youtube portfolio against fundsmith every month.

[@Pensioncraft]

Hi Investing Education, personally I'm not so keen on Fundsmith despite their excellent performance kzbin.info/www/bejne/f3e0qXt5gZ52ftU But it's interesting that you use them as a benchmark for your own portfolio. I've found that a leveraged investment in a US equity tracker matches Fundsmith's returns quite well. Thanks, Ramin.

[@nicholasball9209]

@@Pensioncraft But surely you cant compare a leveraged US tracker to Fundsmith?

[@Pensioncraft]

Hi Nicholas the returns are surprisingly similar.

[@InvestingEducation]

@@Pensioncraft r u referring to a 2x s&p500 index fund like SSO? It can compound negatively in a downmarket so it is quite risky. Some of fundsmith's returns r inflated due to the falling pound but generally his investing strategy is sound and I think he will outperform the benchmark.

[@Pensioncraft]

Hi Investing Education I don't mean 2x ETFs I just mean that if you take a multiple of the S&P 500 tracker daily returns it matches Fundsmith very closely. I recently did a video backing out weights that would match LifeStrategy funds using Vanguard or iShares funds. I tried the same code but for Fundsmith (out of interest) and loosened the box constraints to allow weights greater than 1 and found that a bit of leverage (from memory it was less than 2x weighting) on a US tracker worked pretty well. I think Fundsmith is also pretty risky because you don't get high returns without high risk. It's not a matter of _whether_ Fundsmith is more risky than just a global equity tracker, it's _how_ Fundsmith is more risky. The concentration risk he takes in just a handful of sectors is part of that risk. But there's also manager risk i.e. what happens if Terry Smith leaves due to ill health? Thanks, Ramin.

[@FlorinVZaharia]

amazing analysis as always. it is funny how some clients said fees do not matter to them. well, fees can make or break the returns on your portfolio. I assume SJP's typical customers are high net worth individuals who feel caring about fees is beneath their status. when you have that type of attitude combined to the fact that people fail to recognize that 1% or 2% p.a. eats away a huge amount of your returns you get what you deserve.

[@Pensioncraft]

Hi Florin that's a good point, but if you want to take advantage of that generosity you can always buy shares in St James's Place. It may be more profitable than being one of their clients. Thanks, Ramin.

Some people believe that first generation of investors in a family creates the wealth, second generation preserves the wealth and third generation wastes the wealth. I suspect many high net worth individuals will have inherited what they own and don't really know what they are doing. ;)

[@BinanceUSD]

Ramin please discuss "regulator capture" like government capture.

[@Pensioncraft]

Hi Crypto Jensen do you mean a video on regulatory capture with reference to special interest groups like wealth managers? Thanks, Ramin.

[@mrlaus7771]

I have a question: I'm based in China and no longer a UK tax resident. I've found some investment platforms that accept expats based in European countries but does anyone know of any which I might be able to use whilst based in China?

[@Pensioncraft]

Hi Mr Lau's I'm sorry that I can't help with that. But I'm guessing many people are in the same situation who may be able to help. Thanks, Ramin.

[@mrlaus7771]

@@Pensioncraft That's okay. Yes, hopefully someone will be able to help. Thank you for the great content, I'm learning a lot.

[@kp-qr6hy]

If u go again the partner You will see the other side of them it’s not good.cooling off periods don’t count with sjp

[@dachanist]

Alpha is real, but 4000 trained monkey mutual fund sales people with no trading background lead by a bunch of corporate shill marketing fuckwads aren't going to find it for you. If you want alpha, you have to make it yourself. How that isn't immediately obvious to people over the age of 10 has consistently baffled me since the age of about 10. I started with Windows 95 and science/tech mutual funds. I had zero expectation of alpha from that fund. I expected the fund manager to do enough research to determine that the companies he put in his fund were real companies. That's it. I was buying a moving average in tech, not some "genius" fund manager. The new world of VGA and internet was going to take care of the rest (and it did). In fact, who even cares about Alpha? I don't care how I perform relative to the SP500! I care how much I make and lose. I care if I'm on it or off of it. I care if I have strong odds on a day to day basis. I care what the Nikkei is doing and what happened the last time silver started leading gold. I'm not looking for alpha, I'm looking for a crystal clear vision of how all the moving parts are going to interact so I can put on my position and get dejavu while my PNL goes up in chunks until I can't stand holding it any more and I ditch my position, probably too early... its always too early.. but I don't care about Alpha. Shit, If I buy something that only goes down 10% when the SP goes down 25% and that happens tomorrow, am I going to pat myself on the back?? Hell no! I'm going to do what I do at the end of every day in whatever business I'm doing - I'm going to evaluate it for future performance and choose how to expand or change and leverage or deleverage my strategies. I don't care if I'm selling gumballs in grade 4, or shoveling snow or scalping NYSE or swing trading futures. I don't even care if I'm up 50% on the year. I care about what the rest of the year is going to look like. Alpha (by definition) is for people who are going to use portfolio insurance... which is fine... but how do you even know it's Alpha unless you make it yourself? Anyway, rant over. Alpha is real but you need to make it yourself. Y'all out there trying to hire someone to fuck your wife for ya. PS - I just found your channel - I love it. Seriously.

[@Pensioncraft]

Hi dachanist thank you. I love your analogy about alpha, pity I couldn't use it in a video 8-) Thanks, Ramin.

[@dachanist]

@@Pensioncraft Never lose that sense of humor man. That was gold!

[@walker675]

That rant was awesome and bang on. Any stock investing advice for a little guy?

[@Bunjee77]

Good job. SJP need to be exposed

[@Pensioncraft]

Hi Pat, thanks for that, Ramin

[@Tom_murray89]

St James’s place seems expensive for what it offers

[@bmwofboganville456]

Posh people are too good for Vanguard & low fees - St. James that sounds more like it!

[@Pensioncraft]

Hi Forestman I think you're right, some people see the fact that they have St James's Place as their wealth manager as a sign that they've made it, like driving a Range Rover or flying first class. Except that in investment the less you pay the better. Thanks, Ramin.

[@murarikaushik33]

Since you bring up the subject of 'posh'. My experience has been that the lower middle classes (tradesman) are the most snobbish, and least financially aware. The University educated are more relaxed about this pomposity.

[@clemleg123]

@@Pensioncraft Hi Ramin, While I think you are right about the high fees and how they compound over time, you didnt mention all the benefit of the financial planning they offer? I mean, when you're on your own to decide where to invest and how, what your goal is, what your priorities are etc, you may very well be saving on fees but you may be losing much more in terms of opportunity costs. Take my example: I have been using an independent advisory firm and they were charging relatively low fees. I thought they would do a good job and didnt really bother to keep an eye on them. After 4 years, my portfolio is up 5%. Had i used SJP, i may have paid more fees but surely my return would have been higher. My point is that you need to look at the overall picture

[@Pensioncraft]

Hi @@clemleg123 many of the St James's Place portfolios occur regularly in the Spot The Dog list www.bestinvest.co.uk/research/spot-the-dog and if you compare the returns of your portfolio with a comparable, cheap, multiasset fund (such as LifeStrategy) you may find that the additional expense may be unwarranted. However, I think I gave SJP a fairly balanced review. But many people say they like SJP as I said in the video. That isn't true of the people I speak to as clients, but perhaps they simply had an uncharacteristically bad experience. Thanks, Ramin.

[@clemleg123]

@@Pensioncraft a thank you for your response and apologies for now being clear in my comment. I am not questioning the underperformance of their funds but I was saying that the value (and therefore the cost) also comes from the financial planning they provide. This can prove more beneficial to many people than a performing fund with no investment advise. Hope it makes sense?

[@mra8310]

Myself and parents and friends have been using St James Place for many years, what baffles me is people are getting their facts wrong in relation to the costs of this company and also the service they provide. I’ve used IFA’s before who bang on about using all the providers, no they don’t they use a few they know and also they say the fees are lower, actually they are not as St James place essentially has one fee per annum not lots of different fees which from experience means they same damn thing. There service is also impeccable, with regular decent communication, sorry I disagree.

[@Pensioncraft]

Hi Mr A which part of the video do you disagree with? Thanks, Ramin.

[@mra8310]

Sorry not so much the video more comments around sjp being a rip off etc, the video was informative for sure.🎄

[@sebastianstan8674]

Hi Ramon, I left a message last year, I notice it's now been delated? A shame, as many seemed to agree with my point, and presented another side to the argument. I appreciate pension craft is a business, relying on patron support - but surely everyones opinion should be be allowed on an open forum? I don't work for SJP, but have in the last in an ancillary role. While it's easy to sit online and smirk at wealth managers, I feel you are missing some vital areas (or missed out). For example, if a gentleman, earning £250,000 per annum approached you - with an inheritance of £1,000,000 - what would be your advice? Stick it in a Vanguard Tracker fund? Trusting a video on youtube could cost potentially £100,000's in IHT. Have you considered their Inheritance Tax position, how about leaving some money to their children? Would trust planning be suitable? How are they planning to fund there income gap once they stopped working? How far would their savings get them? How on earth would a investment platform be able to solve these problems? Scoring points online for patron support is very different, especially when Wealth Managers are liable for the advice we give. Is pension craft? KZbin really needs to start regulating these videos. I hope the creator of this video is Benchmark qualified, as this is verging on advice, which requires certain qualifications.

[@Pensioncraft]

Hi @Sabastian Stan, Thank you for your comment. As we explained to you previously we do not delete comments just because they have a different point of view from us as we actively encourage our supporters to form their own views about investing and what works for them. We don't give advice simply present the facts as we see them so people can make up their own minds.

[@sebastianstan8674]

@@Pensioncraft Interesting, as a friend checked this for factual confirmation, and it wasn't visible. Almost certainly my previous comment has disappeared. You claimed you weren't aware of this, but how else has it gone?

[@CS-yt5cz]

The Company GPK Financial ltd wich is FCA registered through St. James's place wealth management (Mother company) is scaming people in to buying abnb shares (initially pre IPO shares). St. James's p.w.m. sais they are aware of the scam and they have notified the FCA, but they cant tell me anything else and are not able to do anything. How can that be or happen. The number and webpage with wich GPK is registered under the FCA are the same ones of the scamers. GPK is registered under St. James's place wealth management therefore please take some responsibility and try to help the victims

[@natureismylife5458]

I take it SJP is not for the regular joe.

[@Pensioncraft]

Hi @Nature Ismylife I believe they cater to people with high net worth, just like any wealth manager or financial adviser. But with such high fees and exit penalties I struggle to see why they are popular. Thanks, Ramin.

[@mixerman8]

im regular Joe pal and im with them but leaving to go to vanguard, due to fees. I needed them at the time but have now learnt the game. I've learn't a few tricks and paying 14 basis points for an etf compared to 2%. Was watching Americas Tony Robinson videos on money master the game that completely changed me along with this video from pension craft.

[@FlorinVZaharia]

also, I cannot believe you have only 7k subscribers. maybe try to create content also targeted at a global audience or even US-based? for now, a lot of what I see here is UK focused (and I have no problem with that as I am UK based). I would just love to see your views and subscribers go through the roof

[@Pensioncraft]

Hi Florin, I deliberately target UK investors as I feel that most of the investment videos are for a US audience. That way I can talk about UK specific things like ISAs. But I suppose I could branch out (I used to be a global investment strategist). Thanks for your support! Ramin.

[@benalias5766]

@@Pensioncraft I agree that UK personal finance and investment is an under-served niche on KZbin (particularly the less basic stuff). I suspect you could do with better promotion, though, as I've been consuming a lot of online personal finance/investment/financial independence media for quite a while and only discovered you recently after someone mentioned you on (I think) /r/ukpersonalfinance on reddit. A new, less-pension-specific and more exciting channel name might be in order.

[@benalias5766]

@@Pensioncraft I agree that UK personal finance and investment is an under-served niche on KZbin (particularly the less basic stuff). I suspect you could do with better promotion, though, as I've been consuming a lot of online personal finance/investment/financial independence media for quite a while and only discovered you recently after someone mentioned you on (I think) /r/ukpersonalfinance on reddit. A new, less-pension-specific and more exciting channel name might be in order.

[@FlorinVZaharia]

@@Pensioncraft Hi Ramin. I agree it looks like a better deal for their shareholders than their investors. I am happily holding the SP500 and plan to do so for years to come

[@streamline913]

PensionCraft better to focus on the UK as that’s your USP. The US already has loads of finance you tubers. Keep doing what your doing and your channel will grow as more people in the UK get clued up. 👍🏼

[@RobertGillontheinterweb]

SJPs charges were complicated and misunderstood. The changes bring them in line with the rest of the market. For example, their fund performance will in future be displayed like for like on spot the dog. As previously the performance was net of advice, product and fund charges whereas most of the other funds analysed were net of only fund charges. The overall cost to their customer will remain similar to the current charging structure but will be clearer to understand for analysts, the media and other financial advisers

[@jackpilkington6770]

Great video

[@Pensioncraft]

Glad you enjoyed it @Jack Pilkington

[@jackpilkington6770]

@@Pensioncraft deal a lot with transfers to and from James Hay (usually away from JH it seems) this shed a lot of insight into why!

[@jackpilkington6770]

Work at HL on the Pensions team

[@gerry2345]

I like this vid.. Good insight.

[@Pensioncraft]

Hi GerrysPlace, Thank you for your comments. I appreciate you taking the time to watch so many of my videos and your supportive comments. Ramin

[@MrHotrod79]

Thank you for this excellent review

[@Pensioncraft]

Glad it was helpful!

[@rdubitsk]

UK market very immature compared to the US. SJP would be out of business in the US.

[@Pensioncraft]

Hi Rod, you're right the UK market is much less fee-sensitive than the US, but I'm doing my best to change that! Thanks, Ramin.

[@matthewwilson7780]

Bet you’re an ifa. From what I see most of their overall costs and charges are normally higher. Sometimes they throw trackers in to reduce but still can be higher. Plus they normally charge higher ongoing fees. Sometimes around 1% on top of the fund charges. Then on top of that when they make a mess with the initial fund choice you have to pay again to move to another fund... and so on... and so on.

[@pauloconnor5101]

It's incredible how many people think knowledge and advice is worth so little, always moaning about fees for goodness sake nothing is free if you don't want fees learn it yourself spend your time and support invest your own money. You get investment advice because you can't be arsed to do it yourself.

[@terrytibbs3336]

Peasants use vanguard while the upper class use SJP

[@Pensioncraft]

Hi Terry, if that were true (it's not), peasants would keep more of their returns and reduce wealth inequality. Ultra high net worth investors have their own family office and are unlikely to use wealth managers like SJP. Thanks, Ramin

[@terrytibbs3336]

PensionCraft maybe just the middle class then ? 😉

[@mixerman8]

Silly statement, im doing ok and use SJP but im leaving unfortunately due to fees. Using vanguard is like being an insider. Will save me tens of thousands over the years. 14 basis points to 2% when you've gained the knowledge, no comparison.

[@Jeffybonbon]

I think SJP is very similar to Allied Dunbar its from the same stable My IFA has become a Partner and I wont use his services now They are very expensive They are a slick sales orginisation just like Allied Dunbar

[@Pensioncraft]

Hi dislexic landlord exactly the same thing happened to a PensionCrafter (he told me on our Slack workgroup yesterday) and he stopped using the adviser's services too because of the higher fees. Thanks, Ramin.

[@Jeffybonbon]

Long long ago I was an IFA and the only time I ever used Allied Dunbar was for I think Term Insurance But I did come across there sales team and I called them East End Boys in West End Suits very high pressure sales and very glossy info They were slick salesmen in general But a Good IFA could run rings around them I think SJP has the same sort of sales department There will be good guys there But the core Business has the same Chairman I think he was also involved in Abby Life Tigers don't change there stripes in my opinion

[@Jeffybonbon]

this says it all en.wikipedia.org/wiki/Mark_Weinberg

[@jimj8300]

well done and explained SJP are for twits who dont get it, Vanguard all the way!!!

[@Pensioncraft]

Hi Grace thanks. I think some people just aren't aware of the effect of fees and are trusting, but I have been happy with Vanguard so far. Thanks, Ramin

[@sebk3098]

Thanks, can you explain which Vanguard fund to add my current pension plan into? No?

[@njkpower8351]

How do you look yourself in the eye whilst peddling this. I feel certain that you benefit somehow financially from sjp. Amongst financial advisers sjp are seen as conmen.

[@Pensioncraft]

We do not benefit from any of the reviews we do and are totally financially independent. Additionally, if you watch the video you will understand that SJP would definately not have paid me to do it.

[@seanadamson280]

Try watching it knob