Revealed: SJP's instructions to advisers

Tied wealth manager St James's Place has sent its advisers guidance on how best to describe its restricted service.

In an extensive Retail Distribution Review (RDR) briefing note seen by Investment Week's sister title IFAonline, the firm - the UK's largest adviser with £32.8bn of assets under management - tells advisers to stress its restricted range of funds has been "carefully selected" by SJP, and ensure clients do not switch off trail commission post-RDR. "You are required to disclose orally the nature of the services you provide," it read. "An example of the type of statement you will need to make might be: ‘As a partner of St James's Place, my advice is restricted to those products and servic...