St James’s Place has overhauled its Business Sale and Purchase (BSP) loan scheme for partner advisers to reduce client disruption when advisers leave. The UK’s largest wealth manager introduced a digital tool allowing advisers to quickly access client data and obtain instant business valuations, replacing the previous three-week process that was only available twice a year. Mark Fitz Patrick, chief executive of St James’s Place, stated that improved data sharing ensures continuity of service during transitions and helps partners grow their businesses.
The firm also removed punitive exit charges for new clients last year and now issues quarterly updates on business sale prices and terms. The changes come as several partner firms, including Prospera and Wellesley, have recently exited SJP. Robin Powell, a financial consumer advocate, argued the revamp mainly benefits SJP by retaining assets and fees internally rather than helping clients follow their advisers.
Rob Sanders, SJP’s chief client officer, noted clients can choose whether to remain with SJP or go elsewhere.
Source: Financial Times Companies · Summarized by HeadlinesBriefing