St James’s Place is developing its wealth management account so investors will be able to view assets held with other providers.
The account, likened to a wrap, currently allows clients to monitor the valuation and asset allocation of all their assets held within St James’s Place. The group expects to roll out the enhancements later in the year.
Its fourth-quarter results show a 49 per cent increase in investment business from £125.2m to £186.5m over the 12 months to December 31. Pension business rose by 96 per cent from £71.4m to £140.1m.
Chairman Mike Wilson says he expects sales to remain buoyant.
Wilson says: “I disagree that A-Day was a one-off event. There will be other factors that make people realise they have to start saving for a pension. I think we will continue to see growth but certainly not as radical as 96 per cent for the coming year.”
He says the 8 per cent annual drop in protection business is due to the increased commoditisation of life insurance, with SJP using protection policies mainly as an IHT planning tool.