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HAVE YOU USED A WEALTH MANAGEMENT COMPANY?

Wealth Management Claims

Some wealth management firms have been accused of excessive fees, hidden charges and absent advice. If you used a wealth management company in the last 10 years, you may be able to claim compensation.

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An introduction to wealth management claims

Wealth management external link icon light blue is an essential service for individuals seeking to optimise their financial assets and ensure their future financial stability. However, when these services do not meet the expected professional standards, clients might face significant financial losses, which leads to wealth management claims. Currently, St James’s Place is a focal point for such claims, but understanding this area is vital as other firms may also be implicated in the future.

At Claims Bible, we can help you seek compensation for the financial loss and emotional toll brought about by the professional negligence of financial advisors. By guiding you through the wealth management claim process and teaming you up with our legal partners, you will have the best possible chance of seeking compensation for the professional negligence of a financial advisor.

Start your wealth management claim today

Complete the claim form and check your eligibility today. Safe, secure and confidential. Apply online in minutes

What are wealth management claims?

Wealth management claims are legal actions taken by clients who have incurred losses due to inadequate advice or mismanagement by their financial advisors. These claims generally involve accusations of negligence, misrepresentation, and failure to adhere to the client’s best interests. Clients may argue that their advisor did not properly assess their financial situation and risk tolerance, or failed to implement strategies aligned with their financial goals, thus breaching their duty of care.

For most people looking to enter into the world of financial services or investment, working with a financial advisor is a given. These professionals know the industry well and have expertise that most people don’t. This creates a scenario where people place a lot of faith in their advisors and expect high-quality advice, guidance and information. However, many people believe that they have been mis-sold financial products or had their finances managed poorly. This has caused a new wave in wealth management claims, holding financial advisors accountable in the process.

Did you know?

There are 5,199 financial advisor businesses in the UK.

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What did the financial advisors do wrong?

The issues leading to wealth management claims often stem from several types of advisor misconduct. As these professionals are given a lot of responsibility in terms of handling client finances, there’s significant scope for things to go wrong. Generally speaking, some of the main areas where financial advisors fail their clients include:

Poor financial assessments

Advisors may fail to thoroughly understand a client’s financial status, leading to inappropriate financial guidance. By not taking the specific circumstances of a client’s finances into account, poor financial decisions could result in lost money.

Misrepresentation of information

Another key area where advisors fail clients is by misrepresenting facts and information. Advisors might not fully disclose the risks or fees associated with particular investments, leading to uninformed decisions by the client.

Inadequate risk management

Advisors could recommend strategies that do not suit the client’s risk tolerance, potentially exposing them to undue financial harm. Without proper risk management, advisors may put clients in situations that guarantee losses.

Lack of diversification

In the world of investment, a diverse portfolio is often a healthy one. So, when an advisor fails to diversify client portfolios, they run the risk of putting all of their eggs in one basket. Over-concentration in certain types of investments can lead to higher risk and losses, which may not align with the client’s investment goals.

Did you know?

You can get up to £5,000 in compensation for distress and inconvenience alone.

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What firms are involved in wealth management claims?

While St James’s Place external link icon light blue is currently at the forefront of wealth management claims, the issue is not isolated to any single firm. The financial advisory sector is vast, and as it expands, other firms may also find themselves involved in similar allegations if they neglect regulatory standards and client care. Clients must remain vigilant and ensure any firm managing their wealth adheres strictly to ethical and professional standards.

Who can make a wealth management claim?

Wealth management claims can be initiated by any individual or entity that has used financial advisory services and subsequently suffered losses believed to be due to advisor negligence. Eligible claimants might include these types of clients.

Individual investors

Private clients who have personal portfolios managed by a financial advisor.

Family offices

Managing multi-generational wealth which requires complex investment strategies.

Small businesses

Utilising wealth management services for corporate investments.

Large corporations

Often have diversified needs that are inadequately managed.

How much compensation for a wealth management claim?

Compensation in wealth management claims varies significantly and depends on factors such as the extent of financial loss and the advisor’s level of fault. Clients may receive compensation for any direct financial losses incurred due to the advisor’s negligence. There are also consequential losses to consider, such as additional costs faced due to the initial losses. Finally, non-economic damages, such as emotional distress external link icon light blue, could be factored into the amount of compensation you receive.

As is the case in all other areas of litigation, there isn’t a defined value for compensation. Instead, claimants receive compensation based on the merits of their case. At Claims Bible, we know how to carry your claim to success and our legal partners will ensure that you get the compensation you’re entitled to, and not a penny less.

Key Fact

In 2023, seven complaints against St. James’s Place Wealth Management were upheld by the Financial Ombudsman.

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Start your wealth management claim today

Complete the claim form and check your eligibility today. Safe, secure and confidential. Apply online in minutes

How long does a wealth management claim take?

The time frame for resolving wealth management claims can be quite varied. Simple claims where the facts are clear and the losses straightforward might be resolved in a few weeks. However, complex cases involving multiple parties, extensive financial documentation, and intricate investment strategies can extend for months. The process often includes negotiation phases, potential settlements, and, if necessary, court proceedings.

Key Fact

Up to 100,000 customers could be eligible for compensation from St James’s Place Wealth Management.

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What is the deadline for making a wealth management claim?

The deadline for filing a wealth management claim is guided by the legislation found in the Limitation Act 1980 external link icon white. Generally speaking, if you have grounds to pursue a wealth management claim, you will have 6 years from the date of the loss or 3 years from the date of discovery if later.

Wealth management claims provide a necessary mechanism for clients to seek compensation when financial advisors fail to perform their duties competently. With St James’s Place currently under scrutiny, it serves as a reminder to all firms in the industry about the importance of upholding high standards of client care and regulatory compliance. At Claims Bible, we can make the process of making a wealth management claim simple and stress-free. Start your wealth management claim today with our expert no win, no fee lawyers. Check your eligibility by completing our online form today.

Common questions

What are your fees?

At Claims Bible, we operate on a no win, no fee basis. That means if your case isn’t successful, you won’t have to pay anything. For successful claims, our legal partners typically take 25 % plus VAT, leaving you with a significant chunk of compensation.

What will happen when I make a claim?

When our team at Claims Bible is working with you on your claim, we’ll use our expert legal partners who will assess your case. From here, we will write a letter of claim to SJP to ask for compensation directly. Based on their response, we will either accept the settlement offered or refer your claim to the Financial Ombudsman for their ruling.

What paperwork do you need from me?

Our team at Claims Bible don’t need too much paperwork or documentation to get your claim started. You will simply need to show that you have held investments with SJP for more than 2 years and more than £100k. You can do this through financial statements or correspondence between you and the company.

How will you keep me updated?

As these claims can take some time to resolve, we strive to keep you in the loop at all times. Once you submit your claim, we will email you the name of our legal partner. They will then get in touch with you via SMS or WhatsApp to advance your case. If you need an update on the claim, you can reach out to us at any time via email or telephone.

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Starting a claim only takes 5 minutes, so why not do it now?