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Dealt with two slimy weasels from this outfit, the first did ok but did something very oily when I attempted an advisor change due relocation. SJP advisor #2 was so greasy that I only met the stoat twice before abandoning the mess. Never been happier managing my own pensions.
I've seen some salesmanship in my time but SJP really take the biscuit.
Might be time to start working about BLS Capital, how much exposure do they need?
Was over £17 at the start of 2022
Possible feline leap but I think this is going to drop even further ...greed got the better of them for years ....game over time now ....interesting to see if they can preserve the name .....
There is an arrogance among the SJP “partners” that they are the best and earn the most.
There is a reason for that…..and that is not providing value for money (some will, but many have been raking in the fees as money for old rope.
It is going to be a painful adjustment….for many,,and all those who have copied their business model (which happens because they are apparently successful)…
I am sure there will be a dead cat bounce early next week, but the question marks will remain as the new CEO will kitchen sink all the issues…expect a horror set of results next time
You only need to get hold of a product illustration where fees are waived to see ongoing product charges of 0.4%, if that is what the FCA has seen, SJP is overcharging 0.6% on a standard pension and the correction in fees is much more than profits based on current expenses. They will have to cut back on all the largess paid for with excess charges to survive but if the past 4 months have showed us anything SJP isn’t proactive enough to steady the ship.
Jumped in here today, looks well overdone to me. It looked good value at 900p back in the summer.
A billion wiped of share price now from highs of yesterday. Devastating
RNS - BLS Capital have increased holding from 8% to 9.32%
Wild beating down of the share price since Feb 2023, down 47%.
And very little shares have actually been sold today relative to the available.
This market is wild, sneeze and a hurricane happens.
That’s not true, many have existing clients out of exit penalties but still retain the clients. I don’t think you fully understand the charging structure and what mainstream ifa’s charge, who are often paying more overall.
In addition they also have the ability to take clients on with no initial fees with only ongoing advice fees which is still adding funds to SJP and in practice more profitable to SJP immediately.
SJP charge big exit fees, so once people leave, they ain’t going to be go back to it again. Customer retention is the way forward. However, all the partners buy the book from partners selling out, so they will be crying as there own little internal business has lots 45% in 6 months. Now they have to double down, not easy when you’ve based your lifestyle and paid out for a business which is going to generate less when everything around you is going up.
There are two main issues here as I see it:
1. They have to cut fees and this reduces the profit margin and potentially compromises their business model.
2. There is a lot of negative press covering excessive fees and this may lead to a client exodus.
As I see it sentiment will not turn around until (2) is addressed and we don't know where (1) will leave the financials hence the selling. I think the shorting opportunity has passed but I wouldn't buy here.
800 million market cap drop on news that the company is looking at price charges!!! Hope we don’t get any bad news
Yeh if everyone who knows where bottom is can just share it on this board that would be great. Unbelievable!
My thoughts too ....500 possible ....also looking at CRDA .....well down atm ....at least they manufacture & sell something !!
Hi guys, is it supposed to be the bottom or are we thinking it going into 500's!!! Very worried. Though it seems nothing wrong with the company, a respected wealth management team
I didn't quite qualify for JRA/SJP founder partner shares as I missed the boat by a few months but I did buy a good lot at around 80 to 90p.......sadly sold for small profit on exit. wish I'd kept them. TBH I am surprised the profitability and therefore SP has done so well.......thought it would be harder to profit so well from tighter regulation and fairer charge pressures. I went the IFA route.....sadly you don't make huge profits.....by providing best advice and low fee structures...lol.
I think we're back to about 10 years ago (SP wise)....but I am looking here for the first time in 30 years......so I guess I may be seeing value.....may take a small position.
Didnt think I would get more under £7 and this will recover after panic selling.
Although there are problems I believe the SP of 700p provides good value so I have therefore take a decent position.
My stop loss triggered last week, kinda glad it did.
There does seem to be more than a whiff of panic around this share now…..
It has not changed its charging structures fundamentally for a long time and has seemed to ignore certain regulatory changes (eg cant charge more than 1% exit charge on a pension…..but they think it is ok to call it an early withdrawal charge of up to 5%).
SJP partners have done well out of their rich clients (as have others)…..a 1% annual charge for no change to the portfolio / confirming investments remain appropriate does not really deliver value for money for most clients.
CEO is going, CFO and CRO/CCO will surely be next…..Fitzpatrick needs to change course quickly and that will mean upsetting the partners and shareholders…….(shareholders have already taken a beating).
It didn't trigger but came within 4p or so of my 800p stop loss.
Hope it hasnt Ubik, need to hold this one. Personally bought some more as its in oversold area. Just happens to be caught up in FTSE 100 sell off.
Highly likely my stop loss will trigger today. Good to have a lower boundary and prevents me from going into an average down spiral.