‘I work at St James’s Place and I’m £180,000 in debt’
St James’s Place allows its partners to borrow money from the firm in order to buy the client books off other advisers who are retiring. The scheme ensures clients are not left stranded when their adviser eventually leaves. But a partner at St James’s Place – who claims he owes the firm £180,000 – says it can prevent advisers from leaving the business for up to 10 years. He said: “St James’s Place facilitate the purchase with loans and guarantees spread over a 10-year term, which eat into the adviser’s other income, forcing them to bring in more clients’ money to increase their income.”
https://www.telegraph.co.uk/money/investing/trouble-st-james-place/
RC