St James's Place (SJP) has launched an internal review of its incentives and recognition structure.
An internal memo sent to partners at the firm from SJP CEO Andrew Croft (pictured), and seen by Professional Adviser, explained the review will include all its incentives and events, including overseas partners' business meetings.
It said: "To maintain and strengthen our lead, we must continue to modernise how we do things for our clients through the technology and solutions we offer, our brand and our social contribution.
"All in all, it is about the way we do things as a business overall and with that in mind, we have decided to launch an internal review into our incentives and recognition structure. We need to make sure that it reflects our culture and is fit-for-purpose in the fast-changing industry we operate within and is driving the outcomes that we, and our clients, value most."
The news was first reported by The Telegraph and follows a stream of articles that appeared in the Sunday Times in recent weeks criticising the advice giant.
On Sunday (8 September), The Sunday Times ran an article from an anonymous former SJP adviser, who worked at the firm for a decade.
The article claimed he was under pressure to "sell" the firm's products from the first day of his employment, and at the peak of his earnings was making £250,000 before bonuses. He looked after some £70m for around 700 clients.
The lavish rewards given to top performing SJP advisers listed in The Sunday Times' article included 18-carat white gold, diamond-encrusted cufflinks worth around £1,200, a conference with guest speakers that have included Bill Clinton and a week-long overseas conference, for which the firm would charter planes to take its people out to where a luxury cruise liner would be at the company's disposal.
This article was first published by Professional Adviser, a sister title to International Investment.