St James’s Place has reported another increase in adviser numbers as it approaches the 4,000-mark for qualified financial planners.
An update this morning shows SJP’s qualified adviser numbers increased from 3,661 in December 2017 to 3,954 last month, as the number of partner advice firms increased from 2,415 to 2,489.
Chief executive Andrew Croft says: “Central to our approach to wealth management is the importance we place on building and maintaining long lasting relationships with, and between, our partners and clients and serving them well. We continue to see a growing demand for advice and believe the strength, quality and growth of our own dedicated team of advisers affords us key competitive advantage.”
Funds under management took a hit from market conditions, however.
SJP broke the £100bn mark in September last year, but the latest results show that this fell to £95.5bn by the end of December.
The wealth manager and advice giant did report £10bn in net inflows over the last calendar year as a whole, but this was not enough to outweigh negative market movements in the fourth quarter, where £7.6bn was wiped from net investment returns against £2.6bn in net inflows.
SJP says its client fund retention rate remains at 96 per cent.
Croft says: “While challenging market conditions, like those currently being experienced, will slow the pace of fund inflows from time to time, the fundamentals of our clients’ financial planning requirements remain unchanged. I firmly believe that, with continued focus on achieving the best possible outcomes for our clients through the provision of trusted face-to-face financial advice and our distinctive investment management approach, we remain extremely well placed to continue to grow our business in line with our objectives over the medium term.”