St. James’ Place has spent another £35.8m on its platform upgrade in 2018, financial results released today show.
The figure is an increase from £21.7m the year before, as the majority of its flows have now been migrated to its Bluedoor system.
SJP says 77 per cent of new inflows are currently going on to the platform, with 63 per cent of total funds under management now held on the platform.
Last year saw SJP move £24bn tranche of accumulation-stage pensions busines, as well as all of its £5bn pensions drawdown book.
The results also show the wealth manager made a £12.8m contribution to the Financial Services Compensation Scheme for 2018, down from £17.1m the year before, due to the lifeboat fund shortening the levy period for the year to nine months to align it with the FSCS’s own financial year.
SJP says: “Our position as a market-leading provider of advice means we make a very substantial contribution to supporting the FSCS, thereby providing protection for clients of other businesses in the sector that fail. Over the last few years, the levy has been at an elevated level but we remain hopeful that it will return to a more normalised level in future.”
The company also invested £10m in its adviser recruitment and training programme, the Academy and Next Generation Academy.