St James's Place (SJP), the UK's largest wealth manager, will host a "next horizon" themed meeting at The Grove hotel in Hertfordshire next week to reassure its network of financial adviser firms following a wave of departures to rivals such as Söderberg. Advisory firms including Prospera Wealth Management in Sheffield and Wellesley Investment Management in West Sussex — together managing over £2bn — have left, while Sovereign Wealth, with about £3bn of assets, is also considering exit. SJP's partnership model restricts advisers to selling only SJP products, but firms are leaving for broader investment choices and better technology.

The company has overhauled fees and faces headwinds from government plans to bring pensions into inheritance tax from next year and speculation the tax‑free pension allowance could be cut from £268,275 to £100,000 or less in the October Budget, prompting a surge in withdrawals. Morale among the roughly 5,000 individual advisers needs lifting, and SJP aims to grow that number. The meeting will also highlight investment in technology, AI, client experience, adviser development, succession planning and business support.

Meanwhile, Tom Beal, chief executive of investments, has left after compassionate leave and will be replaced by Justin Onuekwusi.