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You might think of wealth managers as stock-pickers who build an investment portfolio and occasionally monitor its performance – which is why many may question whether it’s actually worth paying for.
The era of paying unclear and expensive charges for financial advice could finally be coming to an end.
For years now, it has been almost impossible to look for a financial adviser without coming across at least one tied to St James’s Place.
St James’s Place is scrapping its controversial exit fees for all new customers following pressure from the financial regulator.
Britain’s biggest wealth manager St James’s Place has long been under pressure to cut the charges customers face if they want to move their money elsewhere.