SJP profits and adviser numbers rise
St. James’s Place has reported a 40% growth in net new business inflows and a rise in the number of its financial advisers up to 3,540, a 3.7% increase since the start of the year.
In its interim statement for the last six months up to 30 June, SJP posted gross inflow of funds under management of £6.9bn, from £5.3bn in 2016, with net inflow of funds under management of £4.3bn (up from £3.1bn in 2016). Group funds under management are now at £83bn (up from £65.6bn in 2016)
David Bellamy, pictured below left, SJP chief executive, said: “I am very pleased to report that the momentum we experienced in the first quarter has continued, with new and existing clients. As expected, we’ve also seen further growth in the total number of advisers working across the [SJP] Partnership.
“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.
“The continued momentum across all aspects of our business and growth in adviser numbers underpins why we remain confident in our ability to deliver sustained growth,” he added.
SJP told International Investment that it reports its international adviser numbers are reported annually and at the end of last year the company now has 102 advisers in Asia.
The interim results success is a welcome boost for SJP. Earlier this week the company was criticised for there practices undertaken by some of its advisers following a uncover report by consumer campaign group Which.
In the latest issue of Which magazine, 12 arbitrarily chosen SJP advisers were approached, with Which saying that it was looking for independent financial advice.
Which claimed four of these advisers “failed to talk in detail about the likely costs” of advice and that three out of the 12 SJP advisers that its investigators met, failed to explain whether they offered restricted or independent advice, despite the initial inquiry being for the latter.
98% of clients satisfied
Commenting on the report, Bellamy told International Investment that St. James’s Place offers “high quality, face to face, financial advice, evidenced by 98% of clients who said our services represent reasonable, good or excellent value-for-money – with 81% good or excellent”.
“Our advisers are committed to putting clients’ interests first and we will continue to provide the excellent service to clients that has underpinned our growth over the past 25 years,” Bellamy concluded.