St. James's Place plc

Management did not state revenue, EPS, or gross margin figures in the prepared remarks or Q&A. Reported hard numbers included GBP 2.7 billion of net inflows, record funds under management of GBP 240.8 billion, partner retention of 90% versus 91% last year, client retention of 95.4% versus 95.3% last year, gross flows of GBP 10.5 billion for the half, case volumes up 9% year over year, average FUM up 18% year over year, and outflows up 16% year over year. Management said net flows are currently running in the 2% to 3% of opening FUM range, and said that in a normal second half, half 2 2026 profits would probably be higher than half 2 2025, though this depends on markets. Full-year margin guidance was said to still stand, and management said the recent adviser remuneration changes were funded within business efficiencies.

Mark FitzPatrick framed the half as a strong period of operating and financial performance, with continued strategic progress and growth in both clients and advisers. He emphasized the durability of the advice-led model, the long-term underpenetration of UK financial advice, and the company’s shift from the spending phase of strategy toward the ‘Amplify’ growth phase. His tone was confident and upbeat, but he repeatedly tied outcomes to ongoing investment in advisers, technology, and productivity rather than to short-term market conditions.

Caroline Waddington focused on the mechanics behind flows, adviser economics, and profitability. She said gross flows were GBP 10.5 billion, client retention was 95.4%, total outflows were 6.7% of average FUM versus 6.9% last year, and net flows were in the 2% to 3% of opening FUM range. On adviser pay, she clarified that advisers receive about 80% of advice fees when initial and ongoing fees plus allowances are considered, and said the recent funding of adviser remuneration changes was done within business efficiencies so margin guidance still stands.

Analysts focused heavily on adviser retention, adviser economics, and whether recent high-profile departures or consolidator activity could hurt flows. Management said partner retention is 90%, that departures are normal in wealth management, and that the business typically retains about 50% of client FUM and at least 50% of advisers when a multi-adviser practice leaves. Questions also probed flow momentum and how quickly the company can move above the 2% to 3% net flow range; management said that level is not a cap and expects medium-term net flows to push above 3%, helped by productivity, academy hiring, and better technology.