A financial publication has reported that a Client won a case against St James Place (SJP) to waive the Exit Fees they imposed, because of poor service and advice.
St James Place Charges Exit Fees
Firstly, why is St James Place charging Exit Fees? Why is a Client being charged for the return of their own Investment? We find that remarkable in itself, not to mention the fact that this had to go all the way to the Financial Ombudsman to be resolved!
St James Place typically charges Clients an exit Fee to take out their Investments within 6 years of the original Investment. Our view at Redwood is, if a company is confident in their ability to provide great service, then Clients should not want to move away from them and therefore there should be no need for any type of exit penalty.
St James Place Reputation
We cannot comment on the advice that St James Place provided, however, the apparent catalogue of errors that affected this Client’s Investments over a number of years is quite astounding and worrying! It is cases such as these that paint Financial Advisors in a poor light, damage their reputation and make it so much more difficult for those who genuinely want to help people.
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Redwood is one of the South’s’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation.