St James’s Place is changing fundamental aspects of its partnership payment model, giving adviser fees to member firms monthly not annually. Citywire New Model reports on various aspects of the changes including an interim payment to help a transition.
However, it appears that the story was broken by London Financial News’ Justin Cash, which suggests that the move is because SJP trying to defend itself against defections by large firms potentially moving to Swedish-backed consolidator Soderberg.
Also from the bothersome London Financial News (for SJP), it suggests that duplicate fees were levied on a number of SJP customers and the title has learned they are due to be reimbursed later this year.
There has, in the last week, been a new Prime Minister and new Chancellor. Here is FTAdviser’s take on the new chancellor John Healey – a ‘relatively safe pair of hands’.
Torsten Bell, reconfirmed as pensions minister, suggests that he’s going to finish the job in terms of the enormous amount of pension reforms in the pipeline, as Pensions Age reports.
Pensions Bee writes about how bond markets reacted to Andy Burnham’s elevation. It is actually a well written article, but should a pension consolidator have this role?
Total revenue generated by retail investment adviser firms amounted to £8.38bn, according to RMAR data from the Financial Conduct Authority as Professional Adviser reports.
Saturn has unveiled an AI-powered operating system for financial advice firms that it says will cut the cost of delivering regulated advice by streamlining back-office processes and improving compliance. Money Marketing reports.
