Are your financial adviser fees outstripping your pension growth?
We receive a number of clients from St James’s Place each year. For those who don’t know St James’s Place, they are a large provider of Pension and Investment products. Sadly, I’ve seen a recurring trend of low performing funds coupled with extortionately high fund charges. An article this week from the Daily Mail reports on a customer’s pension fund that’s actually in debt comes as no surprise.
“In August, Paul rang St James’s Place to find out how much the fund was worth and received a horrifying reply: there was nothing left. Every penny had been eaten up in eye-watering charges levied by the company over the years.”
The Daily Mail article, written by Ruth Lythe, goes on to explain how the client paid as much as £130 one year, 10% of his pension fund.