Why wealth manager fees could be costing you a fortune

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data-test="author-name">Charlotte Gifford</span> </a> <div class="tpl-date__mobile outsideByline">  <time class="e-published-date u-meta " datetime="2023-04-29T09:00+0100" data-test="time"> 29 April 2023 9:00am BST </time> </div> </span> <img class="responsive e-byline-comment__author-image " src="/content/dam/Author%20photos/Charlotte%20Gifford-xlarge.png?imwidth=100" alt="Charlotte Gifford"/> </span> </span> </div> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>A wealth manager’s job is to preserve your wealth, but high advice fees are eating into clients’ returns – so much so that investors would be better off buying shares in the firms themselves, rather than investing in their products.</p><p>An investor who 10 years ago bought £10,000 worth of shares in <a class="ck-custom-link" href="https://www.telegraph.co.uk/business/2022/03/14/st-jamess-place-looks-asia-wealth-manager-refreshes-brand/">Britain’s biggest wealth manager – St James’s Place (SJP)</a> – would have built a pot worth £34,205 today, whereas the same sum invested in its UK equity fund would be worth just £15,839, analysis reveals.</p><p>In fact, of the 25 SJP funds available to British investors, not one delivered better returns than the company’s shares across a 10-year period, according to data from Morningstar, an investment research firm.</p><p>Three of the funds actually lost investors money. These were the SJP Gilts, SJP Government Corporate Bond and the SJP Global Absolute Return unit trusts. All three returned at least £9,000 on a £10,000 investment.</p><p>The wealth management industry is dominated by firms with 200-year histories, and yet since it was founded in 1991, SJP has overtaken its rivals in terms of client assets and become a household name. Today, it is the largest wealth manager in Britain, with more than 900,000 clients.</p><p>Last year SJP earned £987m in advice fees, up £40m on the year before. It also claimed £1.04bn in wealth management fees and £60.8m in investment management fees. The company reported a 42pc rise in pre-tax profit for the whole year.</p> </div> </div> <div class="html-embed section" data-test="html-embed"> <span></span> <div id='wrp-cb5ecf89-9780-4338-9482-bb51bc976694'><aside id='cb5ecf89-9780-4338-9482-bb51bc976694' data-data-uri='https://particle-api.eip.telegraph.co.uk/v2/particles/cb5ecf89-9780-4338-9482-bb51bc976694' data-html-uri='https://cf-particle-html.eip.telegraph.co.uk/cb5ecf89-9780-4338-9482-bb51bc976694.html' class='tmg-particle breakout-box' data-reg-required='false' data-reg-redirect='' data-sub-required='false' data-sub-redirect='' data-widget-type='breakout-box' data-widget-title='Top UK wealth managers' data-truncated='true' data-business-type='editorial' data-urgent='false'><a title='Top UK wealth managers' href='https://cf-particle-html.eip.telegraph.co.uk/cb5ecf89-9780-4338-9482-bb51bc976694.html'>Top UK wealth managers</a></aside><div style='display: none;' class='particle-newsletter-overlay'></div></div><link rel='stylesheet' type='text/css' href='https://cf-particle-html.eip.telegraph.co.uk/cb5ecf89-9780-4338-9482-bb51bc976694/css/articleRendererHTMLtruncated.css'><link rel='stylesheet' type='text/css' href='https://cf-particle-html.eip.telegraph.co.uk/cb5ecf89-9780-4338-9482-bb51bc976694/css/articleRenderer2truncated.css'><link rel='stylesheet' type='text/css' href='https://cf-particle-html.eip.telegraph.co.uk/cb5ecf89-9780-4338-9482-bb51bc976694/css/liveBlogRendererHTMLtruncated.css'><script src='https://cf.eip.telegraph.co.uk/particle-embed/js/particle.js' defer></script> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>There are <a class="ck-custom-link" href="https://www.telegraph.co.uk/investing/money-management/your-wealth-management-questions-answered/">two types of advice firms in Britain: independent or restricted</a>. Whereas independent advice firms can recommend products across the entire market, restricted advisers such as SJP only recommend products from a limited range.</p><p>SJP rated the vast majority of its funds as “good value” or having “broadly delivered value” in its most recent assessment of value report, which all asset managers must provide under the Financial Conduct Authority’s rules. It placed just 1pc of funds on its “watchlist”.</p><p>But Mike Barrett, of the consultancy the Lang Cat, said “asking asset managers to mark their own homework” is a flawed way to measure value for money. He said: “Some firms take it quite seriously – others just give themselves gold stars all round.”</p><p>SJP funds have been named on investment firm Bestinvest’s Spot the Dog list, which identifies funds that have significantly and frequently underperformed against their market index.</p><p>In its most recent report, the SJP International Equity fund (£2.2bn) was the third biggest fund on the list. Last year, SJP was one of the companies with the largest number of funds in the dog house.</p><p>SJP said it is important to consider that the performance of its funds reflects the total charge, fund costs, administration, product charges and ongoing advice.</p><p>It also said that independent research has consistently shown that the total charge its clients pay is below the market average for the service it provides.</p><p>SJP clients can expect to pay between 1.6pc and 1.9pc in underlying fund fees for a typical portfolio. SJP charges an initial advice fee of 4.5pc and an initial fee of 0.5pc for investing in Isas and unit trusts. If you have a bond or pension and you cash out in the six years, you will be charged a 1pc exit fee.</p><p>Justin Modray, of Candid Financial Advice, said consumers “should beware initial charges and exit penalties on some products, both outdated practices that most of the industry scrapped years ago”.</p><p>Analysts at fund adviser Yodelar said in its review of SJP that the majority of clients are unaware of poor fund performance and high charges. The report said: “Those that are aware, are often tied in with hefty exit penalties or trust vehicles making it difficult to leave.”</p><p>On Thursday, SJP’s shares lost 4pc in early trading after it posted its first quarter results, which revealed a £560m year-on-year drop in new customer investments.</p><p>Tim Page, of the financial advice firm PageRussell, said after decades of raking in client cash, the tide is finally turning for the country’s largest wealth manager.</p> </div> </div> <div class="html-embed section" data-test="html-embed"> <span></span> <div id='everviz-isZowYMNt' class='everviz-isZowYMNt'><script src='https://app.everviz.com/inject/isZowYMNt/?v=1' defer='defer'></script></div> </div> <div class="articleBodyText section"> <div class="component article-body-text " data-test="article-body-text"> <p>He said: “SJP has been a formidable gatherer of both financial advisers and their clients’ assets for decades. Their enviable marketing machine hoovered up huge piles of wealth saved by the baby boomer generation by promising market-beating returns with glossy brochures and attentive service.</p><p>“But it faces several headwinds: the boomers have mostly retired and are now drawing down on the funds they’ve saved. Its service is not cheap, and its costs are a drag on client returns. Younger, more savvy customers are more likely to know this and be less susceptible to the traditionalist St James’s Place marketing messages.”</p><p>There is another reason why both prospective clients and investors may be thinking twice about the firm.</p><p>SJP’s share price has fallen ever since it revealed in its full-year results for 2022 in February that the Financial Conduct Authority’s incoming consumer duty would force it to change the way it operates “to meet regulatory expectations”.</p><p>The firm had previously said the consumer duty will not impact its charging structure. However, the new regulation will oblige firms to show evidence that services provide good value for money. They will also have to show that they are acting in their customers’ interests. Mr Barrett said the new regulation represents “a significant raising of the bar in terms of service for all firms offering retail investment”.</p><p>An SJP spokesman said: “Diversification is one of our core investment beliefs. Putting all your eggs in one basket is not a prudent investment strategy. By diversifying assets, you can reduce the negative impact of changing market conditions, without necessarily hurting long-term returns.</p><p>“With SJP, our clients receive full financial planning and an advised portfolio of professionally monitored funds. On average, clients invest with SJP for 14 years and our solutions are designed to build wealth over the long-term. Clients typically invest in a diversified portfolio, with performance one of several factors considered in its construction.</p><p>“Over the past three years we have made changes to investment funds with over £125bn in Asset Under Management with the aim of improving long-term performance. This includes changing the [external] investment managers that run our funds, bringing down fees and embedding responsible investment principles across everything we do.”</p> </div> </div> <div class="cta teaser section"> <section> <section> <div id="cta-a90b05c8b6" class="cmp-teaser"> <div class="cmp-teaser__content " for="full-content-link"> <p class="cmp-teaser__pretitle" data-test="cmp-teaser__pretitle">Recommended</p> <div class="cmp-teaser__action-container " data-track-wrapper="CTA_cta__link"> <a class="cmp-teaser__title true" href="https://www.telegraph.co.uk/investing/news/st-james-place-wealth-manager-worth-the-fees/?ICID=BA" data-test="cmp-teaser__title">Is St James's Place, the UK’s biggest wealth manager, really worth the fees? </a> <div> <a class="cmp-teaser__link cmp-teaser__action-link cta__link" data-test="cta__link" href="https://www.telegraph.co.uk/investing/news/st-james-place-wealth-manager-worth-the-fees/?ICID=BA" data-cmp-clickable data-track-txt>Read more<div class="arrow__dark" data-test="arrow__dark"> <svg class="recommended" xmlns="http://www.w3.org/2000/svg" width="10" height="10" viewBox="0 0 11 12" fill="none"> <path fill-rule="evenodd" clip-rule="evenodd" d="M10.4066 5.59343L5.4065 0.593411L4.59333 1.40659L8.6118 5.425H0V6.575H8.61182L4.59334 10.5934L5.4065 11.4066L10.4066 6.40661L10.4066 5.59343Z" fill="#222222"/> </svg> <svg class="button__only" xmlns="http://www.w3.org/2000/svg" width="12" height="12" viewBox="0 0 13 14" fill="none"> <path fill-rule="evenodd" clip-rule="evenodd" d="M12.5657 6.43433L6.56558 0.434311L5.43422 1.56569L10.0686 6.2H0V7.8H10.0686L5.43422 12.4343L6.56558 13.5657L12.5657 7.56571L12.5657 6.43433Z" fill="#222222"/> </svg> </div><div class="arrow__light" data-test="arrow__light"> <svg xmlns="http://www.w3.org/2000/svg" width="12" height="12" viewBox="0 0 13 14" fill="none"> <path fill-rule="evenodd" clip-rule="evenodd" d="M12.5657 6.43433L6.56558 0.434311L5.43422 1.56569L10.0686 6.2H0V7.8H10.0686L5.43422 12.4343L6.56558 13.5657L12.5657 7.56571L12.5657 6.43433Z" fill="white"/> </svg> </div> </a> </div> </div> </div> </div> </section> </section></div> <div id="recipe-enabled" data-recipe-enabled="true"></div> </div> <div class="u-separator-top--loose u-separator--branded">  <aside id="comment" class="comment" data-comment-config="{"authorMode":false,"articleCommentingConfig":true,"convConfig":{"articleId":"A0t6RFZGq033","viafouraEnvironmentId":"00000000-0000-4000-8000-010fdf3f0a45"}}" data-js="comment" aria-label="Commenting" data-test="join-conversation-section"> <div class="comment__header-container" data-js="comment-header-container" data-test="comment-header-container"> <h2 class="comment__header">Join the conversation</h2>  <div class="comments__social">  <button class="comments__button comment__show-button e-button e-button--large e-button--centered-text" data-js="comment-load" data-label-loading="Loading..." data-test="comment-load" data-event="showComments"> <div class="comment__show-text">Show <span class="e-comment-count__number" data-js="comment-count"> </span> comments <svg class="e-button__icon comment__toggle-icon e-button__icon--right e-button__icon--large" viewBox="0 0 13 7" xmlns="http://www.w3.org/2000/svg"> <path id="Vector 356" d="M1 0.749911L6.49999 6.25L12 0.749912" stroke="white" stroke-width="1.17857" stroke-linejoin="bevel"/> </svg> </div> </button> <div class="comment__policy-container comment__policy-mobile"> <div class="comment__policy" data-test="comment-policy"> The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. 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