St James’s Place chief executive David Bellamy says product failure at the firm is “almost impossible”, in response to some of the well publicised failures in the distribution market in recent times.
The firm’s half year results, published today, show a 3 per cent rise in partner numbers since the start of the year to 1,702, with 97 per cent at, or close to, the RDR QCF level four qualification.
Bellamy says he is targeting 5 to 7 per cent growth in adviser numbers over the next year and has no concern about any historical misselling issues that are impacting on other large distributors.
Speaking to Money Marketing, he says: “We will not touch some of the products out there, we do not get drawn into structured products. We keep things nice and simple so product failure is almost impossible in our world.”
Bellamy adds SJP is supportive of the SRA’s proposed move to allow solicitors to refer to restricted advisers but does not think it will have a significant impact on adviser numbers. He says: “I think it is a sensible move by the SRA as it is about referring to firms you trust rather than looking at whether they are independent or not.”
The firm announced today its funds under management grew 8 per cent from £28.5bn to £30.9bn in the first six months of the year. However this figure has fallen slightly from £31bn at the end of the first quarter. Net inflow of funds under management fell to £1.51bn, down 8 per cent from £1.65bn in the first half of 2011.
SJP has reported profit before shareholder tax of £58.9m in the six months to 30 June, up 7 per cent from £55.3m in the same period in 2011.