St James Place Wealth Management Reviews
25K CLAIMED LOSSES
1 TOTAL REVIEW
1.1K PAGE VIEWS
St James's Place Shanghai Scam
I was approached by this company a few months ago and having not heard from my original financial advisor for quite a while I thought a review of my financial situation would be worth while.I researched the company and found they were a very large UK firm so thought it was a good idea. I met with a very nice man who was very complimentary and charming. He proceeded to tell me that the regular savings plan I had done for my retirement was a bad plan and I was being over charged. I went away from the meeting feeling very down on myself but agreed to meet the "adviser" again. When we met a second time he took me through the St James's Place savings plan and told me that in the long run I would save money by closing my existing retirement plan and starting his. i agreed and made the trasnfer across. I later found out this "adviser" had lied to my face and that it was not cheaper, it just made money for him. I lost all of the money (100%) I had put into my original plan over the first year (GBP 15,000) and then was told that this "adviser" was personally making 3% on every payment I made into his new plan plus I was paying extra fees to St James's Place and fund annual management fees too. None of this was explained and covered up by this lying evil man and his clever company brochure and wording. St James's Place hide behind this big UK firm but be warn, they are different legal entities and you get none of the protection that the UK FCA give savers in the UK. They are pure commission hunters and are a scam, on a huge huge scale.
Reason of review
Not as described/ advertised
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