Advice giant St James’s Place (SJP) has defended its charges in a client newsletter by referring to research conducted by stockbroker Numis that said its prices were "about mid-range" when compared to other investments.
In a copy of the newsletter sent to Professional Adviser by an advice arm of SJP, the partner practice highlighted Numis's research report published in June, which suggested SJP prices were not as expensive as some of its competitors.
The newsletter noted the research was independent of its input and found SJP's customer charges per annum, all-inclusive and annualised were comparable on a like-for-like basis to a "typical IFA".
"We calculate that St James's Place charges are about mid-range, when compared to other alternative investment choices a customer could make," the research added.
SJP acknowledged the need to defend its fees followed "several articles" in The Sunday Times this year that criticised its renumeration and charging structure.
In September, the advice giant launched an internal review of its incentives and recognition structure following the string of articles. In a memo sent to partners at the firm, SJP said: "To maintain and strengthen our lead, we must continue to modernise how we do things for our clients through the technology and solutions we offer, our brand and our social contribution.
"We need to make sure that it reflects our culture and is fit-for-purpose in the fast-changing industry we operate within and is driving the outcomes that we, and our clients, value most."
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