St. James’s Place Full Year Results 2024

Financial and operating highlights

• Underlying cash result of £447.2 million, up 14% on 2023
• £190.2bn of funds under management
• 1 million+ clients Investment returns, net of all charges, represented 10.5% of opening funds under management.

The economic outlook in 2024

2024 presented a mixed environment for UK consumers. Positively, we saw headline inflation falling and Bank of England base rate cuts, increasing the capacity for long-term investment for some individuals. However, this was tempered by uncertainty in the UK, particularly in advance of the Autumn Budget. There was also uncertainty in the US in the run-up to their elections, and subsequently in anticipation of the impact of the Trump administration. In addition, pressures on disposable income persisted, with mortgage costs rising for many households. Overall, this meant that consumer confidence remained fragile.

Against this backdrop, and in a year which in many ways was challenging for the business, we are very pleased with our business and financial performance. Gross inflows for 2024 were £18.4 billion, up 20% on 2023, with momentum building during the year. Retention of client funds under management remained strong at 94.5%, resulting in net inflows of £4.3 billion, representing 2.6% of opening funds under management.

A clear path forward 

In July 2024 we set out the results of our comprehensive business review. Whilst our business continues to perform strongly throughout the financial year due to the high quality advice our advisers provide to clients, we are not complacent. We are positioning ourselves for continued success, so we can capture the fantastic market opportunity and drive great outcomes for clients, advisers and all stakeholders going forward.

Our refreshed strategy sees us leverage our great strengths, whilst making the changes necessary to drive sustained growth, and to capture economies of scale as we succeed. We are building a confident, high-performance culture that will see SJP thrive for the benefit of all stakeholders.

In the near term, we are focused on strengthening our fundamentals by safely delivering our key programmes of work: implementing our simple, comparable charging structure by the second half of 2025, completing our historic ongoing service evidence review, and executing our cost and efficiency programme to create capacity to invest in our business to drive further growth.

The home of invaluable advice

Our strategic direction is underpinned by our redefined purpose: to empower clients with invaluable advice to realise bolder ambitions. This is what drives our 4,920 advisers across the Partnership, our employees and everyone else in the SJP community. This is why we get up in the morning. 

Our advisers build strong relationships with clients to understand their needs and ambitions, providing them with invaluable advice and building a holistic financial plan that keeps them on track for the future. They help clients select suitable investment solutions, make the best use of their tax allowances, navigate market volatility and unexpected life events, and much more.

Financial advice supports financial wellbeing, peace of mind and can help turn people in the UK from savers to investors. This is critical given the long-term outperformance of risk-based investing compared to cash and savings rates. 

As well as measurable financial benefits, advice also provides reassurance of knowing that your savings are working hard for you and your loved ones. Our recent Real Life Advice Report 2024 found that 84%¹ of individuals who take occasional or ongoing financial advice said that it had significantly benefited their emotional and mental health.

View the full press release.

If you have any questions regarding our results, you can get in touch with your SJP adviser, or contact St. James’s Place directly.

Past performance is not indicative of future performance.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

Source

¹The Real Life Advice Report was commissioned by St. James’s Place. Opinium surveyed 12,000 UK adults between May and August 2024. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.

We have looked at the impact of all forms of financial advice and guidance.
From professional advice received through a financial advice firm or individual including a wealth manager, an Independent Financial Adviser (IFA), a qualified financial planner, and advice received through a bank and building society. We have also looked more broadly at understanding the impact of the help people receive through organisations such as Citizen’s Advice, Pension Wise and others.

The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in the UK represent St. James’s Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority. St. James’s Place Wealth Management plc Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 4113955.