Turning doubt into decision: how Vishal and Thomas turned their mortgage business into a sustainable wealth management practice

When advisers Vishal Gulrajani and Thomas Wheatley decided to transition their business from Openwork to St. James’s Place (SJP), they did so with a fair amount of scepticism. Industry chatter and preconceived notions about the firm’s reputation initially clouded their perspective. However, their journey with SJP has transformed not only their perception but also the trajectory of their business, proving the strength of its proposition and reshaping the long-term service they’re able to offer clients.

Here's their experience of moving and expanding a business with SJP.

What made them question their previous model?

Vishal and Thomas previously ran a mortgage-focused business under the Openwork umbrella. Although the model offered a solid foundation for mortgage services, it quickly became evident that it was not designed to foster long-term client relationships or provide a robust, scalable proposition.

Challenges they faced included:

• Market dependency: The mortgage business was heavily influenced by external factors such as estate agents, product timing, and broader economic conditions like the cost-of-living crisis, which saw demand for mortgages fluctuate significantly.
• Lack of connection: Their previous network lacked a sense of community. Operating in isolation, the pair often found themselves facing tough business decisions alone, in empty offices not tailored for client engagement.
• Short-term focus: The transactional nature of the mortgage business left them seeking an opportunity to build enduring relationships and a more recession-proof business.

This growing dissatisfaction with their circumstances led them to explore new opportunities. And while approaching SJP was initially a “tick-box exercise,” it soon became much more.

“SJP is the biggest wealth management firm, so we felt we had to see what the proposition was like. And after speaking to SJP, we realised the support available was a huge incentive.”

How did SJP exceed their expectations?

Engaging with SJP quickly dispelled Vishal and Thomas’s initial doubts. What they encountered was a firm not only well-equipped to support their transition but also one that is invested in their growth and success. Several aspects stood out to them:

• Supportive transition: From day one, SJP went above and beyond to facilitate their move, with key contacts – namely their Partnership Recruitment Manager – providing hands-on, 121 assistance. They were also introduced to like-minded Partners who had also transitioned to SJP, which further eased their concerns.
• Comprehensive resources: Vishal and Thomas were impressed by the tools and materials available, from branding and marketing support to in-depth investment market insights. These resources equipped them to confidently address client needs.
• Cultural evolution: The firm’s commitment to progress – demonstrated by its new charging structures, leadership changes, and focus on diversity – impressed both Vishal and Thomas. They appreciated SJP’s shift towards inclusivity, with new leadership adding fresh perspectives and representation.
• Enhanced proposition: Services like Rowan Dartington (Discretionary Fund Management and Stockbroking) and Policy Services (which helps SJP Partners and advisers to service existing clients where their needs might not be best suited to using SJP products) were instrumental in onboarding their business. “We used Policy Services for 90% of our clients when we onboarded. These wrap-around services are a real incentive.” Vishal also referenced SJP’s auto-rebalancing Polaris fund, which they felt placed SJP at the forefront of the marketplace.

What has their growth journey been like?

Vishal and Thomas’ experience within SJP has been transformational – a journey marked by learning and growth. Key highlights for them include:

• Building relationships: The collaborative environment and sense of community at SJP were invaluable. The duo regularly engages in regional location events and lean on peers and in-house specialists for advice.
• Operational transformation: After focusing on learning the ropes during their first year, Vishal and Thomas shifted gears towards growth once they’d settled in. Hiring a practice manager with the support of SJP was pivotal in embedding systems and processes that enhanced efficiency and refined their client proposition.
• Organic growth: Drawing on existing mortgage relationships, referrals, and networking, they steadily expanded their client base. Their consistent efforts in building relationships with trustees and professionals like solicitors have also been fruitful.

What are their plans for the future?

Looking ahead, Vishal and Thomas plan to continue scaling their business while maintaining a healthy work-life balance. “We never want to be the Partners that work all the time and sacrifice time spent with family. It’s important for us to build a successful and sustainable business that allows us flexibility, too.”

They also want to expand their support staff in order to delegate administrative tasks, hire additional advisers, and eventually step back from day-to-day operations to take a more strategic role in the future of the practice.

What is their advice to those considering SJP?

For those considering a similar move, Vishal and Thomas emphasise the importance of engaging fully with SJP’s community and resources: “SJP has allowed us to invest in long-term growth, which wasn’t possible at our previous network.”

They encourage new Partners to embrace the learning curve, focus on long-term relationship-building, and leverage SJP’s robust infrastructure and support network to speak to like-minded individuals.

Ultimately, Vishal and Thomas’ initial doubts lead them to undertake the necessary and comprehensive research to make an informed decision about their business growth. If you’re looking to expand, develop, or exit your business, we may be able to help. Start a conversation today.