SJP advice arm sees losses despite £700m in adviser fees

The results, published this morning (27 February), showed the advice arm of the financial services giant reported a £38.9m loss in 2018, up from the previous year's £31.9m loss. Accoring to SJP, the distribution business's loss included "the positive gross margin arising from advice income less payments to advisers" offset by the costs of investment in growing the partnership, building the distribution capabilities in Asia and a charge of £11.3m for the Financial Services Compensation Scheme levy. In 2018 the company earned £743.2m in adviser charges, commanding £1.5bn in fees and com...