Your IndustryJul 27 2017

SJP profits and adviser numbers soar

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SJP profits and adviser numbers soar

St James’s Place has seen a 40 per cent growth in net inflows, which reached £4.3bn in the six months to 30 June.

The company’s funds under management have now reached £83bn – up from £65.6bn at the same point last year.

SJP’s operating profit was £397.3m, also an increase on the same period in 2016.

The total number of advisers at SJP during the period increased by 3.7 per cent to 3,540.

David Bellamy, chief executive of SJP, said he was pleased the momentum from the first quarter of 2017 had continued.

He said: “As our client base grows, so too does the scale of our partner businesses as they develop from largely single adviser practices, into small and medium size businesses, adding value to the clients they attract and serving them well.

“We see this as very positive development, which bodes well for the sustainability and succession of our partner businesses and continued growth.”

We see this as very positive development, which bodes well for the sustainability and succession of our partner businesses and continued growth.David Bellamy

He added that the implications of sustained low interest rates, longer life expectancy, enhanced pension freedoms and greater emphasis on individual financial responsibility, all highlighted the need for and importance of sound, personal and trusted advice.

Earlier this week SJP was criticised for some of its practices, which were uncovered by consumer campaign group Which.

In the latest issue of Which magazine, the consumer group revealed it approached 12 arbitrarily chosen SJP advisers, said it was looking for independent financial advice, asked how much it would cost and what they would get in return.

Which claimed four of these advisers “failed to talk in detail about the likely costs” of advice.

It also found that one in four of the SJP advisers its investigators met didn’t explain whether they offered restricted or independent advice, despite the initial inquiry being for the latter.

damian.fantato@ft.com