Top 100 Financial Advisers revealed

Top 100 Financial Advisers revealed

Two companies have broken into the top 10 of this year's Financial Adviser Top 100 list, as St James's Place secured the top spot for a fourth year running.

The list recognises successful financial advisory practices across the UK as indicated by gross sales of investment and pension products in the 12 months to 30 June 2017.

It has been compiled in conjunction with Financial Clarity, formerly known as Matrix Solutions and part of Strategic Insight Business.

The top of the table follows a familiar pattern to previous years, with St James’s Place and Hargreaves Lansdown occupying first and second positions respectively for the fourth year running.

Old Mutual Wealth has remained in third place for the third year in a row.

But lower down the rung there have been some big changes.

The only banks previously in the 2016 list - HSBC and Barclays - have been pushed out of the top 10, making room for two new entries.

These are In Partnership, formerly On-line Partnership, and Brooks Macdonald.

The position of banks has been affected by the senior managers regime (SMR), according to Financial Clarity. 

The new rules went live in March 2016 and have thus far applied to banks, Prudential Regulation Authority-designated investment firms, building societies, credit unions and branches of overseas banks.

This has had a significant impact on the number of CF30 (customer facing) staff from such firms.

The senior managers regime also impacted the way in which sales are reported and the planned extension to advice firms is likely to cause further disruption and hamper consistent and accurate monitoring of the industry, the firm added.

The growth at In Partnership has come as the firm saw the value of its gross sales almost double to £1.7bn from £900m.

The number of customer facing staff more than doubled from last year.

More generally, pensions advice was the main drivers for growth for most firms in the Top 100.

However, another change in this year's rankings was the number of appointed representative (AR) firms.

In the 2016 listing, the number of ARs had come under pressure, but Financial Clarity said the number of both these and directly authorised firms increased in the latest period.

This, the firm said, had an impact on the results seen since the 2016 ranking and has led to greater sales in the market as a whole.

To view the full Top 100 Financial Advisers list click here.