I recently met a salesperson from St James Place. (Yes, they are salespeople.)
I asked if they were independent. They said, “Yes, we are independently owned. How can we help.”
Actually, that may be legally correct. The salesperson was not lying. But the person knew exactly the substance of the question. They could have said, “No, we are not Independent Financial Advisers”.
They should have said that proudly because St James Place has reasons why they are not Independent. It would seem fair and reasonable if the salesperson could explain why they were not Independent. The consumer could then be better informed. Instead, subterfuge.
Whilst I know exactly why St James Place are not Independent, it’s hard for consumers to read between the lines and get clarity.
If any financial organisation, not just St James Place, chooses not to offer independent advice, they need to state clearly why they prefer a restricted model and why in fact, they are limiting your options.
By the way, you’ll get a great speech and the rhetoric is first class explaining why Independent advice is irrelevant. Now that’s sales for you.