Wealth adviser sees revenues rise by £3.7bn

Gloucestershire wealth adviser St James’s Place attracted £3.7bn worth of business in the final quarter of the year.

The Cirencester firm has been under pressure in recent months over its complex fee structures and regulators has threatened action against the business.

But the company, which is also looking to raise £1bn, continues to win new business.

Chief executive Mark FitzPatrick said: “I am pleased to report that SJP’s new business performance has remained robust during the final quarter, with our advisers attracting £3.7 bn of new client investments to the business.

“This rounds out a solid year in which we achieved £15.4bn of total gross inflows and £5.1bn of net inflows despite a difficult industry backdrop. Annual retention rates remain very strong at more than 95%.”

He added: “While the need for trusted face-to-face financial advice remains as strong as ever, client capacity and confidence to commit to long-term investment have been impacted by the economic environment and short-term alternatives in the form of cash deposit and savings rates.

“Outside of SJP funds under management, net flows into the SJP Cash Deposit Service managed by Flagstone increased significantly during 2023, with client deposit balances now totalling £3.9bn.

“Our IMA performed very well during 2023, delivering strong investment returns relative to peers for the benefit of our clients. This, combined with ongoing net inflows, has driven funds under management to a record £168.2bn

“As we build on the strong foundations we have established over three decades, we continue to see a huge opportunity to support more clients who need help and advice. I want SJP to capture this long-term opportunity, so as we start planning our vision for 2030 I am reviewing all elements of our business to ensure we are fully fit for the future and best placed to keep delivering for all our stakeholders.”