St. James's Place (STJPF) Q2 2026 Earnings Report

The call presented a largely constructive commercial and operational picture: record FUM, solid gross flows, positive net inflows, high client retention, strong Academy contribution, and continued heavy investment in adviser proposition and technology. Headwinds are present but moderate—adviser retention slipped slightly, net flows remain modest (2%–3% of opening FUM), case sizes declined, and competition/consolidation create execution risk. Management is optimistic about transitioning into a growth (Amplify) phase, expects productivity and adviser growth to drive future performance, and retains an ambition to double adjusted profits by 2030. Overall, the positive metrics and strategic progress outweigh the challenges noted, though outcomes remain sensitive to market conditions.

Management reiterated that, assuming normal markets H2 2026 profits should be above H2 2025 and restated the medium‑term ambition to double adjusted profits from 2023 to 2030; H1 stats included GBP 2.7bn net inflows, record FUM GBP 240.8bn (average FUM +18% YoY), gross flows GBP 10.5bn, Polaris Multi‑Index at GBP 4.6bn and Flagstone ≈GBP 5.9bn. Adviser metrics: partner retention ~90% (91% in 2025), adviser numbers +0.3% in H1 with planned low‑single‑digit growth from 2027, the Academy/ recruitment pipeline supplying a large share of new advisers, case volumes +9% YoY (case size down ~10%), client retention 95.4% for the half (outflows 6.7% of average FUM, down from 6.9%), and management said advisers retain roughly 80% of advice fees (including ~55bps of the 80bps ongoing element under the new charging structure). Guidance on flows: net flows are running around 2–3% of opening FUM with the expectation of pushing above 3% as productivity (Amplify) and adviser growth scale, and the group is investing over GBP 260m in the adviser/client proposition.