St. James’s Place have acquired Dorking-based HJP Independent Financial Advisers, which have 10 advisers and offices in Dorking & London.
HJP Independent Financial Advisers will become an AR of St. James’s Place, and a partner firm will be set up within the SJP partnership. HJP, which was set up in 1990, is led by Richard Phillips day to day.
Typically St James’s Places’s model is for financial planning and wealth management firms to join their ‘partnership’ structure, as appointed representatives to SJP. However where it makes sense they may purchase businesses, and typically make 5-6 acquisitions each year.
Peter Craddock, head of large business acquisitions, speaks at Gunner & Co.’s seminars, sharing all his acquisition experience both with St. James’s Place and in previous roles. When considering acquisitions for SJP he is looking at businesses typically with more than 4 advisers, and a strong track record of growing new business and funds under management.
As a partner firm, companies that join SJP benefit from a significant level of support, from administration and back office to marketing and new business development. SJP have a significant academy of young talent being trained to join partner firms, helping those businesses grow and support advisers and planners in the road to chartered.
SJP is a FTSE 100 company and will release their annual results for 2016 next Tuesday. In January, they revealed net inflows of £6.8 billion over 2016, 17% up from 2015. These inflow increases helped its total assets under administration to £75.3 billion at the end of 2016.
SJP have a charitable foundation which has raised more than £50M over the last 25 years, supporting hundreds of charities which into 3 themes: Cherishing Children, Combating Cancer, Supporting Hospices (www.sjpfoundation.co.uk)