The pay of directors at St. James’s Place has increased 20 per cent over the year according to annual accounts published today.
In the year that ended 31 December 2016 total pay was £12.1m and this went up to £14.5m in the year that ended 31 December 2017.
The firm says it continues to develop advisers internally through its Academy and Next Generation Academy and invested £6.6m post tax in 2017, which is up from the £5.8m in 2016.
In 2017, 124 individuals graduated from both academies and it expects 140 to do so in 2018.
SJP believes over 500 graduates from both programmes will be active as advisers by the end of 2018 and this will cost £10m.
The gender balance is also improving, with women representing 23 per cent of the 2017 intake, while the apprentice programme intake is around 50 per cent female, and graduate intake is similar.