Where am I? 
Home Better Business Regulation RDR
Categories: RDR| Better Business
Topics: St James's Place| RDR| commission| fee-based advice
St James’s Place (SJP) has rejected accusations that the company is sales-driven.
The wealth manager announced it had increased sales by 10% in Q4 2011, in a statement to the London Stock Exchange this morning.
But chief executive David Bellamy said the belief among some independent advisers that the company put sales targets above its clients is "fundamentally wrong".
"Small IFAs are misguided in their perceptions of St James's Place," he told IFAonline.
"When we launched this business 20 years ago, we said the focus of our attention would be good old-fashioned advice. We've stuck with that for the last 20 years."
SJP has no plans to abandon its commission-driven business model, Bellamy said.
"The whole commission debate has been going on because product providers have steadily increased commission over the last 15 years in order to attract market share. We don't play that game.
"We attract business because clients like what we do, and we reward our partners for attracting it. What we do is not quite what people perceive."
Bellamy told IFAonline that SJP was planning to double funds under management in the next five years to almost £60bn. With currently about 2% of investment market share, SJP were still "relatively small", he said.
The company also plans to continue its recruitment drive despite the pressures of RDR. Its reputation amongst IFAs was becoming "increasingly good", Bellamy argued, leading to a rise in advisers abandoning their independent status to join SJP.
"[RDR help] is one of the reasons people join us," he said. "It's an impetus to seek some help and come inside the organisation."
The company announced that 80% of its advisers has passed QCF Level 4 exams, with 11% "within one or two exams". Of the 9%, half have joined within the last 12 months. "They haven't joined to step off at the end of next year," Bellamy said, meaning its staff retention rate in 2013 would be "95% plus".
| Share | |
| Comment | SJP: You're misguided if you think we’re sales driven |
More rdr news
Email alerts
Recommended reading
Categories
Topics
Comments
SJP LOL
Come off it guys. As my good old mother in law used to say "Tell the truth and shame the Devil"
Posted by: Chris F
What the !
I laughed so hard my head fell off.
Posted by: Tricia Yates
HAHAHA
PHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA HA
Posted by: Paul
?
You can fool some of the people some of the time, but you can't fool all of the people all of the time! I know who some of your guys are and they are 'slick'
Posted by: Pinochio
What a load of rubbish!
I'm sure, like me, many IFA's have had SJP try to recruit them. I even went along to be wined and dined at Claridges, hear the presentations about how the elite advisers get to go to Bali, Seychelles etc.... But most interesting was to hear how they, despite offering a panel of providers, clearly push their own highly priced products over the others available. So much so, they offer their advisers, twice as much in commission if they sell their own product - so don't tell me they're not sales driven!! It was only a few years ago, there were reports in the financial press of self-employed SJP advisers that didn't hit the high targets and were effectively sacked!! The Equitable Life equivalent of today.
Posted by: Mark
http://www.ifaonline.co.uk/ifaonline/news/2140005/sjp-youre-misguided-we-re-sales-driven
You're certainly misguided if you think SJP is not sales driven. Must have changed a lot since I was involved with them.
Posted by: Ann Onimous
The mans a fool
What an idiot, how does a man in his position put himself and his firm in the firing line like this. We all know what SJP is about, they tried to get me and my firm to join them for years, wined and dined us etc, must have cost them a packet before they got the message.They were like a dog with a bone. Does he not have any PR Advisers
Posted by: Anon
Misguided you are
No one who has been involved with SJP will believe you Mr Bellamy. A few years ago I had an accident which meant I reduced my work load until I recovered consequently my new business figures fell. The manager gave me an ultimatum, increase your sales figures or be terminated. Of course you are about sales figures, calling yourself wealth managers and your sales people partners doesn't fool the rest of the industry.
Posted by: Misguided you are
SJP: You're misguided if you think we’re sales driven
Interesting. In Sept 2010 it was reported that one of SJP's senior executives, giving witness in court, claimed that SJP was, after all, primarily 'a sales organisation.' The Manchester tribunal was hearing details of a dispute between St James's Place and one of its salesmen, who was attempting to claim unfair dismissal.
Posted by: Jim Turner
Not Sales Driven? Image over substance
More churning than a dairy! Look at the people who run SJP - 80's commission hungry dinosaurs who are living in the past. They are not independent but would have you believe they are; granted thay have a slick business marketing mirage that dupes the public. Hello FSA, are you blind!? Nah, easier to persecute smaller firms who have a sound business model and a genuine proposition to offer to their clients. Buyer beware!
Posted by: Richard
Not interested in profits either
That's SJP
Posted by: Ken Durkin
Misinformed
I am amazed at these ignorant and misinformed comments about SJP. I have worked with a number of organisations both outside and inside the Financial Services sector and SJP are without doubt the best!! Oh and have a look at the SJP Foundation. Their charity giving and fundraising is tremendous!!
Posted by: Stephen
Blinkered
What a wonderful business model he has, and so inspiring to all the "smaller" independent advisers out there......Shame the salesforce don't have the same approach. Maybe he should actually pass his aspirations down to the workforce and maybe have a look at the amount of initial commission they charge for starters, let alone the churning involved....alledgedly.... and then he'll realise why SJP have such a bad reputation within the industry.
Posted by: FG
April fool's day already?
Not sales driven? Tell that to an ex client of mine who joined up with these jokers who then prompty surrendered her large investment bonds which caused an extremely hefty tax bill. Thankfully SJP had to pay the tax which cheered me up no end and meant the client was able to dispose of the bonds with somebody else picking up the tax bill. Hahahaha.
Posted by: Ross Perot
SJP
You couldn't make it up - I heard about the burglar who recently broke into a local SJP office and managed to escape without buying anything
Posted by: Reg
David Bellamy = slick salesman
Ok then, here are a few examples: 1. £810,000 pension fund moved into drawdown. Commission taken by SJP = £56,000 (6.9%) 2. 11 personal pensions set up over 10 years with new charges for one individual 3. SJP salesmen being asked to leave for not bringing enough revenue in Hey Bellamy, do you really think we are going to be fooled by you? Mind you, you must have earned a nice living by misleading the majority.
Posted by: Harry
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Two months left before the ‘real RDR deadline’ – are you compliant with the required professional...
Viewpoints
2012 marks a watershed for the Life companies, fund managers, banks and advisers who service...
sponsored by
Not salesmen
What a scream. Look at my nose! The captain of the cruise ship slipped and fell into a life boat, I can't go on, tears down my eyes etc..
Posted by: Neil Shillito