I am happy with SJP Wealth but do not want to put all my eggs as they say. Any recommendations?

10 August 2022

Question by Peter

I have around £600k from the sale of my house (I have another) that I wish to invest for income. I am 73 years old. I have a similar amount invested with SJP Wealth and I draw 4% p/a from that, I am happy with them but do not want to put all my eggs as they say.


Answered by Boring Money

Hi Peter

I know you are not able to respond via another question, but can I ask you to think about what your reluctance to put the amount with your SJP adviser is?
If SJP are doing the right planning with you, I would like to think you should feel comfortable putting your full trust in them.

That said I'm sure there will be a good number of wealth managers (which I am not, nor are most of the people on this platform) interested in talking to you solely about investing for income and how you can do this with that sum.

For me personally as a financial planner, the relationship I have with my clients is built on trust and providing holistic planning and none of them invest with different advisers/planners elsewhere as well.

Most of the people you will see in the directory on Boring Money are financial 'planners' meaning they want to understand your whole family situation and be able to advise you for the long-term, with things such as estate planning and income planning at the forefront, not just looking at a pot of money to invest narrowly.

So if it is a wealth manager you want to just invest for income, I suggest you seek a wealth manager. If you want a financial planner to advise on investing as part of your broader planning, then either SJP should be doing this or seek a financial planner who can. Forgive me for the semantics, but there is a difference in what people with these titles do.

If you want to discuss this further, I'd be very happy to do so.

All the best

Jamie

Answered by

Boring Money