Strategy
St James's Place Reaches Out To Next Generation Of Partners
St James’s Place, which announced interim results today, has launched its “next generation academy”, inviting offspring of the group’s partners to undertake a two-year apprenticeship with a view to joining their family business.
The launch represents an extension of the existing in-house training academy, St James’s Place said.
The move also highlights how wealth managers of different types seek to acquire future talent to fit their business models, such as graduate and post-graduate training as provided by firms such as UBS, Coutts and Credit Suisse. (To view an article on education programmes in wealth management, click here.) The development at St James’s Place also happens shortly before the advisory industry readies for the UK Retail Distribution Review programme of regulatory change, starting in 2013.
Today, St James’s Place, which is comprised of a network of partnerships, reported a rise in total profit for the first six months of this year of £220.5 million (around $348 million), up from £182.6 million a year before, while it logged new business profits of £120.6 million, down from £127.7 million. St James’s Place is part-owned by Lloyds Banking Group.
The Next Generation Academy offers bespoke training for sons and daughters of existing partners who want to join their parents’ business. Candidates on the programme become qualified to diploma level and subsequently work with a mentor in order to gain sufficient experience to operate independently.
The academy, in its earlier form, launched in January this year, St James’s Place said. Several partners have already brought their children into the businesses, it said.
“St James’s Place partners are keen on the Next Generation Academy for two reasons. Firstly, they know it works; there are over 40 St James’s Place Partnerships that have successful family businesses. Secondly, their clients appreciate the maintenance of a long-term relationship with their wealth manager or a member of their family,” said Adrian Batchelor, director of the St James’s Place Academy.
