St James’s Place says 95 per cent of its advisers are either RDR-qualified or are close to achieving their RDR qualification.
Chief executive David Bellamy says the task of getting all advisers to QCF level four in time for the RDR deadline is “virtually done”. As at the end of December, the total number of SJP partners was 1,649.
Bellamy says: “On professional qualifications, we are stronger now than where we were at the end of the year, with around 95 per cent of the partnership either diploma- qualified or close to it. Come the end of the year, it is a given that anyone who wants to carry on being an adviser needs to be diploma-qualified. For us, this job is virtually done and those that are still taking exams will get there in the next five months at most.”
SJP posted its first-quarter results last week, showing total new business fell by 3 per cent to £152.6m from £156.7m for the same period last year. Funds under management rose by 9 per cent to £31bn from £28.5bn. Net inflow of funds under management fell by 9 per cent from £770m to £700m.
SJP says it continues to retain 95 per cent of existing clients’ funds.
Total single investments dipped by 2 per cent from £1.29bn to £1.26bn while total pension single investment business jumped 27 per cent from £410m to £522m.
On an annual premium equivalent basis, new investment business fell by 16 per cent from £87.8m to £73.4m, which SJP says reflects a more cautious appetite among retail investors. Pension business was up by 15 per cent from £64.3m to £74.2m.
Facts & Figures Financial Planners managing director Simon Webster says: “A well resourced firm like SJP has the infrastructure to prepare its advisers for the RDR in good time. Smaller firms do not have that advantage.”