Isa and pension reforms have benefited restricted advice giant St James Place, which has reported business into both rising by more than 20 per cent and overall funds under management surging to a record £56bn.
SJP’s interim results for the first quarter of this year, published today (28 April), revealed that new single investments of pensions have grown by 28 per cent to £663m in the first quarter and Isas have grown by 22 per cent to £823m.
This has led its funds under management to hit £56bn in Q1, a 22 per cent increase since the first quarter of last year, and 7 per cent since the beginning of this year.
Total new investments were up 11 per cent at £2bn, compared with last year’s figure of £1.8bn, however new single investments fell 15 per cent to £530.1m. The net inflow of funds under management for the period was £1.3bn, compared to £1.2bn in 2014.
New business, on an annual premium equivalent basis was up 13 per cent to £232.2m.
The firm has also for the first time published findings from its annual wealth account client survey, which revealed that 75 per cent of respondents believe ensuring they have enough to live on in retirement is their highest priority.
The survey had over 47,000 respondents, representing the largest sample of consumer opinion in UK financial services.
Some 68 per cent of respondents suggest being able to enjoy their retirement without having to worry over financial matters is a key focus and 47 per cent of those surveyed place importance on having sufficient funds to pay for their long term care should they need it in the future.
Over the next three to five years, 69 per cent are worried about the state of the UK economy, with 54 per cent nervous of the outcome of the general election.
A further 43 per cent are concerned about the potential impact of the UK leaving the EU, whilst 29 per cent - worry about a potential rise in interest rates and 35 per cent the cost of living.
David Bellamy, SJP chief executive, said the survey suggests that people understand the need to save and are unlikely to disturb their retirement plans following the introduction of the new rules.