St James’s Place partners threaten rebellion over cancelled cruises
Partners at wealth manager St James’s Place (SJP) have threatened to stop selling investments for the rest of the year unless they are offered compensation for the loss of their annual cruise holiday.
Chief executive Andrew Croft promised to make changes to the lavish incentive scheme offered to SJP partners – which offered rewards ranging from white-gold cufflinks and luxury cruises abroad – after details of the rewards were made public last month.
Read more: St James’ Place boss promises review of company’s incentives
Now some partners – self-employed advisers who operate under the SJP brand – who had qualified for a cruise are threatening to stop selling investments to clients unless they are compensated for the loss of the trip, The Sunday Times reported.
City A.M. understands that SJP has no plans to compensate partners for the cancellation of the cruise.
The firm is currently working on a consultation into its rewards and incentives schemes that is due to be finished by the end of the year, and be shared with partners at the start of 2020.
“We have had overwhelmingly supportive feedback from partners to the consultation so far and will continue to seek the views of a broad range of stakeholders over the coming weeks,” an SJP spokesperson told City A.M..
Read more: Woodford dropped by St James’s Place as manager of £3.5bn of its funds
“We recognise that rewards and incentive programmes should be proportionate and balanced for supporting positive client outcomes and other business objectives both today and the company we want to be in the future,” they added.