St. James’s Place has said it hopes its new fee structure will improve perception of the firm and the value of its proposition.
Chief executive Mark FitzPatrick made the comments as part of its final results statement today (27 February).
He said good progress has been made on implementing a ‘simple, comparable charging structure,’ which will help make it more attractive to potential clients and advisers.
FitzPatrick (pictured) added that the IT infrastructure build necessary to deliver the programme is well advanced, and SJP is working through a testing plan.
The firm is also in the process of equipping advisers with a ‘comprehensive suite of tools and materials’ which will enable them to fully understand the new fees and communicate the changes to clients.
The project is on track to be in place by the second half of 2025.
The results statement revealed the wealth manager booked a full-year profit after tax of £398.4m, which was a sharp turnaround from a loss of £9.9m the previous year. Earnings per share were 82p versus 71.7p.
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Gross inflows to the firm were £18.4bn versus £15.4bn the year before. Net inflows fell to £4.3bn from £5.1bn. The firm also reported it now has over a million clients.
FitzPatrick said: “I am pleased to report a strong financial performance for the group, once again demonstrating the power and quality of our advice-led model, and the value that more than one million clients place in the trusted relationships they enjoy with our advisers.
“Momentum in the business built as the year unfolded, with sustained net inflows and strong investment returns leading to record funds under management of £190.2bn.
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“2024 was a busy year for SJP,” he continued. “We announced our redefined purpose and refreshed strategy, which position us for further success.
“The demand, and need, for financial advice is high, driven by systemic factors which means this isn’t going away. We are passionate about helping more people to secure their financial futures through the power of advice, we are leveraging our scale advantage, and we are seeking to deliver better outcomes for all our stakeholders.”
