Wealth manager St James's Place (SJP) is rolling out "minimum service standards" for its advisers to ensure trail commission and ongoing fees are being levied fairly.
Chief executive David Bellamy (pictured) said the standard sets out how much contact advisers should have with clients, and would ensure a "fairly consistent" service across SJP's regional offices.
"The RDR philosophy behind trail is that there are probably too many people in the marketplace today who sell a product, and then [the client] never sees their adviser again," he said. "Quite rightly the regulators are saying that ought to change."
Bellamy said charging trail remains a "critical" part of SJP's model, but that clients were happy with the service they receive.
"It's a critical part of the relationship between company, partner and client, and the right structure for us," he said.
"[Historically] we've had 95% retention of investments, and I see no reason why that should change going forward."
In its accounts, SJP said the "switching-off" of trail would "have little direct impact on the business", although it could affect the company's advisers.
The firm's move towards the high net worth (HNW) sector came as "a natural progression", Bellamy said, though the core of the business would continue to be in "the higher end of the mass affluent."
'Life catches up with us in the end'
‘Personalised Predictive Analysis’ tool
Summer series continues
Both start in August