M&G Wealth takes a page from SJP by launching adviser academy
Comes after SJP announced it had slowed the intake of new academy students last year
Comes after SJP announced it had slowed the intake of new academy students last year
Firm paused academy intake in 2020 due to the challenging environment for advice firms
Redundancies are not linked to shareholder activist excoriating wealth manager’s ‘high cost culture’
Former CIO will remain at the wealth manager in a non-executive capacity
Paul Manduca is currently chairman of Prudential and Templeton Emerging Markets Investment Trust
Primestone Capital had accused wealth manager in October of fostering a ‘high cost culture’
AJ Bell goes on a hiring spree while established players SJP and Quilter have been more cautious
‘Not in a million years did I consider financial advice when I was playing professionally’
But commentators admit arguments against wealth manager’s high cost base have merit
But FTSE 100 firm still manages to beat out peers like Brooks and Rathbones, which suffered outflows in Q3
Annual operating expenses per adviser have risen to £96,500
AUM spikes 40% to £15.6bn after being broadly flat the year before