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Looking for views - getting 'legacy' portfolio advice when an IFA becomes an SJP Partner
DC Learning
Posted: 06 May 2018 15:13:37(UTC)

Joined: 27/03/2018(UTC)
Posts: 1


This is a first time post for me - and would appreciate perspectives on the following situation please:

Our IFA recently became a 'Partner' with SJP - and I am trying to work out what the longer term implications of this are - for future on-going management and advice of our 'legacy' portfolio. My reading of the situation is as follows:

Since becoming a representative of SJP - advisor is no longer authorised/regulated to give advice on our current portfolio which has been built up over last 19 years.

It is my understanding that:

- as part of this change in relationships, our investments are now 'administered' by a company called Policy Services(PS) in conjunction with our advisor/SJP Partner

- We pay trail commission on all our investments( which are a mixture of various funds and life assurance investment bonds) and it is my belief that the trail commission is apparently shared between PS and SJP Partner for on-going client relationships. I don't know if this is entirely accurate but it is the impression I've gotten from reading an article on the web. As part of this process, PS provide our SJP Partner with a valuation report on our investments whenever a review meeting is held

- As clients, it feels as if we are in potential 'holding pattern' whereby neither PS nor our advisor are able to give any further independent advice on current portfolio (should it be appropriate now or become appropriate in the future).

- Our current investments could potentially remain in situ under above arrangements, indefinitely, if we continue with the status quo

Is the above outline 'the norm' when it comes to clients of IFAs who move to SJP, or is this a unique situation to us, for some reason?

Am interested in knowing if anyone else has been in a similar situation - or any other perspectives on the above.

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