If you ever needed proof that financial performance doesn’t always mean good value for clients, look no further than St. James’s Place (SJP).
While their customers face eye-watering charges, poor-performing funds, and a mountain of adviser debt, those at the top are cashing in—big time.
A Bonus Bonanza at the Top
In 2024, SJP’s new CEO, Mark FitzPatrick, pocketed a cool £3.4 million, including a £1.7 million bonus—his reward for a “strong performance” in his first year. That’s about 50% more in basic pay than his predecessor. And he didn’t stop there.
The incoming CFO? Paid £1.26 million, despite joining late in the year. The outgoing CFO? Another £1.15 million. Even non-executives saw their pay rocket by as much as a third.
Why the payday? SJP’s annual report claims it’s down to “good results”—mainly a bump in inflows and a rise in share price. But look closer and you’ll see who’s really paying the price.
Consumers Left in the Cold
At the same time this bonus parade marched on, SJP was under fire for:
- Ongoing investigations into poor financial advice
- A tangled web of adviser debt—some call it a pyramid scheme
- A raft of underperforming, high-cost “dog funds”
- And allegations of lobbying that saw consumer protections watered down to favour growth and profits
That “strong performance”? It was delivered not by helping customers build better financial futures—but by helping shareholders and executives cash out.
Empowering Whom, Exactly?
The CEO says SJP’s mission is to “empower clients with invaluable advice to realise bolder ambitions.” But let’s be honest: SJP doesn’t serve the financially savvy.
It targets wealthy delegators—people who don’t ask too many questions. The kind of clients who trust their adviser to “handle it,” while high charges and poor fund performance quietly erode their returns.
This isn’t empowerment. It’s exploitation dressed up in a Savile Row suit.
The Bigger Picture: £3.3 Trillion at Stake
FitzPatrick has his eyes on a much bigger prize: the £3.3 trillion in UK investable assets, forecast to grow 7% annually to 2030. And if history tells us anything, it’s that this growth won’t trickle down to clients—it’ll float straight to the top.
Behind the headlines and glossy brochures, there’s a sobering truth: in today’s financial system, profits come before principles—and bonuses get paid before justice is served.
So What Can You Do?
If you’re working with a firm like SJP, ask the tough questions:
- What exactly are you paying in fees?
- How are your funds performing against the market?
- Who really benefits from your investments—you or your adviser?
Better still, take control of your own financial journey. It’s not as complicated as the industry wants you to think. And if you need help, there are ethical, transparent alternatives out there—people who believe in financial planning that serves people, not payouts.
What do you think? Are bonus-driven firms putting your money at risk? Let’s talk about it.
Academy of Life Planning 