A Second Opinion on Your St James’s Place Plan

Thinking about a second opinion on your St James’s Place arrangements?

You are not alone. Over the past few years, St James’s Place has been the subject of widespread media and regulatory scrutiny, particularly around charging transparency and the nature of its advice model. Many SJP clients have contacted us simply wanting to understand what they are paying, what they are receiving, and whether their current arrangements still serve their best interests.

This article explains why clients seek second opinions, what our review involves, how our fees work, and when staying with your existing adviser is genuinely the right answer.

Why SJP clients are seeking second opinions

Widely reported changes to charging

SJP has faced sustained coverage in the national press and from consumer groups regarding its fee structures. The firm has announced changes to how it charges clients, including the phased removal of early withdrawal charges. These changes, while positive, have prompted many clients to revisit whether their overall cost of advice represents fair value.

We are not here to characterise SJP’s charges as right or wrong. What we do believe is that every client deserves to understand, in plain terms, exactly what they pay and what they receive in return.

Restricted advice versus whole-of-market independence

SJP operates a restricted advice model. This is a matter of public record and regulatory fact, not a criticism. It means SJP advisers recommend products from SJP’s own range rather than from the whole of the market.

By contrast, Frazer James is an independent, whole-of-market firm. We are not tied to any provider, platform or product range. Our recommendations are based solely on what we believe is most suitable for each client’s individual circumstances.

Neither model is inherently wrong. But understanding the difference matters when you are assessing whether your current arrangements are genuinely the best available to you.

Bundled charges and transparency

One area that generates the most questions from prospective clients is how charges are presented. When advice fees, product charges and investment costs are bundled together, it can be difficult to see what each element costs and what value each delivers. A clear, itemised picture of your total annual cost is something every client is entitled to expect.

What our second opinion involves

Our second opinion service is free and carries no obligation whatsoever. Here is what we do.

Stage 1: Discovery meeting (no charge)

We start with a conversation. We want to understand your goals, your current arrangements and what, if anything, is prompting your review. There is no paperwork, no commitment and no pressure.

Stage 2: Independent financial review (no charge)

With your permission, we analyse your existing SJP portfolio, charges and financial plan. We look at the total cost of your current arrangements, the investment strategy in place, how your plan aligns with your goals, and whether your tax position is being managed efficiently.

Stage 3: Tailored advice report (no charge)

We present our findings clearly and honestly. There are three possible outcomes.

• All clear. Your arrangements are sound. We tell you so, wish you well, and hope you leave with greater confidence and clarity.
• Minor improvements available. Small adjustments could make a meaningful difference. We explain what they are and why.
• Significant changes warranted. Your current arrangements may not be serving your interests well. We set out what we would do differently and what that could mean for your financial future.

Only if you choose to proceed further do any of our ongoing fees apply. Stages 1, 2 and 3 are always free.

Questions to ask any financial adviser about fees

Whether you speak to us or anyone else, these are the questions worth asking.

1. Are you independent or restricted? If restricted, to whose products?
2. What is my total annual cost, including advice, platform and fund charges?
3. How is your advice fee calculated, and does it increase as my portfolio grows?
4. Are there any charges if I wish to leave or transfer my investments?
5. What specific services do I receive for my ongoing fee?
6. How often will we meet, and who will I deal with?

You can read more about how adviser fees work in our guide: how much does a financial adviser cost?

What independence means in practice

Being independent means we search the whole of the market for every recommendation we make. We are not incentivised to use any particular platform, fund house or product provider. Our only obligation is to you.

In practice, this means:

• We select platforms based on cost, functionality and suitability for your needs.
• We build investment portfolios from a globally diversified universe of funds, not a proprietary range.
• We review your protection and insurance needs across the whole market.
• Our advice on pensions, ISAs and tax planning is not constrained by product availability.

Independence does not automatically mean better. It means unconstricted. Whether that matters to you depends on your circumstances, which is exactly what a second opinion helps to establish.

How Frazer James charges

We believe in complete transparency about our own fees. Here is exactly how we charge, taken directly from our Terms of Business.

Initial stages: no charge

• Discovery meeting: £0
• Stage 1 (bespoke financial plan and independent financial review): £0
• Stage 2 (tailored advice report and account set-up or transfers): £0

Ongoing advice (Stage 3): annual fee

Our ongoing fees are charged as a percentage of your invested assets, on a tiered basis.

• Under £500,000: 0.50% per year plus a £2,000 annual retainer
• £500,000 to £1,000,000: 0.90% per year on the total
• £1,000,000 to £2,000,000: 0.90% on the first £1,000,000, plus 0.70% on the amount above £1,000,000
• £2,000,000 to £3,000,000: as above, plus 0.50% on the amount above £2,000,000
• Over £3,000,000: as above, plus 0.30% on the amount above £3,000,000

A minimum fee of £3,000 per year applies, which means our service is designed for clients with investable assets of at least £200,000.

A drawdown administration fee of £500 per year applies where relevant. This is waived if your invested assets exceed £500,000.

Our ongoing fees are guaranteed not to increase during the first 12 months of our relationship. Our services are normally exempt from VAT. Platform and fund costs are separate third-party charges and are always disclosed to you in advance.

Illustrative example (for illustration only)

A client with £1,500,000 spread across four pension plans would pay an ongoing Frazer James advisory fee of approximately £12,500 per year. This is calculated as £1,000,000 at 0.90% (£9,000) plus £500,000 at 0.70% (£3,500). Platform and fund costs would be additional and disclosed separately. This example is illustrative only and does not represent a quote.

What Stage 3 includes

Our ongoing service covers strategic financial reviews, tax efficiency guidance, insurance and protection planning, retirement resilience planning, and full investment management. Investment management includes risk profiling, asset allocation, a globally diversified portfolio, regular rebalancing, capital gains tax harvesting and quarterly reporting.

When staying with SJP is the right answer

We want to be straightforward about this: sometimes, after a thorough review, the honest conclusion is that a client should stay where they are.

This might be the case if:

• Your existing plan is well-constructed and genuinely aligned with your goals.
• The total cost of switching, including any remaining charges and the disruption to your investments, outweighs the potential benefit of moving.
• You have a strong, trusted relationship with your existing adviser and the service you receive justifies the cost.
• Your investments are in a period where crystallising gains or triggering tax events would be disadvantageous.

A second opinion is not a sales process. It is an honest assessment. If the right answer is to stay put, we will tell you so clearly and without reservation.

Frequently asked questions

Will you try to persuade me to leave SJP?

No. Our role is to give you an honest, independent assessment of your current arrangements. If your existing plan is serving you well, we will say so. We have no interest in recommending change for its own sake.

Do I need to share my SJP documents with you?

It helps. The more information you can share, the more thorough our review can be. We will typically ask to see your most recent SJP valuation, any charges schedules you have received, and details of your current investment strategy. You are in control of what you share and when.

Is there any cost or commitment involved in the second opinion?

None at all. Our discovery meeting, independent financial review and tailored advice report are all provided at no charge and with no obligation. Ongoing fees only apply if you choose to become a client.

How long does the process take?

Most clients complete the initial review within two to three weeks of their first conversation with us. The pace is entirely led by you.

Start a free conversation

If you are an SJP client with questions about your charges, your investment strategy or your financial plan, we would be glad to help. There is no cost, no obligation and no pressure.

You can book a convenient time directly with one of our chartered financial planners at the link below. The process takes less than two minutes.

Book a free consultation with Frazer James

Frazer James is a Bristol-based chartered financial planning firm. We are independent, whole-of-market and regulated by the Financial Conduct Authority.

About The Author

Chris Hindle

Chris is the Co-Founder and a Chartered Associate at Frazer James Financial Advisers. With over a decade in financial planning, he specialises in research, technical analysis, and firm operations, helping ensure clients receive clear, well-structured financial advice.

See author's posts