An IFA is offering free advice to St James’s Place clients to see if the funds they are in are suitable for them.
Liverpool-based Millen Capital founding partner Angus Millen posted a note on LinkedIn last weekend criticising SJP’s charges and informing anyone with money with the firm to get in touch for a review of their SJP funds.
The note reads: “6% exit penalties?! 5% Initial charges on every £1 you invest?!
“If you, or anyone you know, has money in SJP products contact us today and we’ll put you through our complimentary 3 A’s process…
“We’ll audit, analyse and advise you on your SJP funds and what your next move should be based on what’s in your best interests.”
The note references a report by The Sunday Times into SJP’s fees, in which clients criticised the transparency and structure of the advice giant’s fees.
Millen said this was “more evidence that SJP take your trousers down when it comes to charges and fees.”
SJP told the Sunday Times that “all SJP clients are clearly made aware of charges before becoming a client.”
A spokesman said at the time: “The results of our 2016 client survey, which attracted more than 33,000 responses, showed that 98 per cent felt SJP offered excellent, reasonable or good value for money and 95 per cent would recommend SJP.”
Millen was unavailable for comment at the time of publication of this story.
An SJP spokesman said that the Sunday Times article was currently the subject of a legal complaint, and that it would be inappropriate to comment further.