St. James's Place Plc · LSE:STJ
St. James's Place — Q3 2017 Earnings Presentation
84 slides from St. James's Place's earnings presentation, Oct 27, 2017
Slide 1: Third Quarter Results – 2017
T H I R D Q U A R T E R R E S U L T S – 2 017 PA RT N E R S I N M A N AG I N G YO U R W E A LT H
Slide 2: Contents
CONTENTS PART ONE – B U SI N E SS MOD EL PA RT T WO – F I N A N C I A L RESU LTS STRATEGY 4 CASH & DIVIDEND PROFILE 71 THE PARTNERSHIP 17 OUR SHAREHOLDERS 79 INVESTMENT MANAGEMENT 31 ANALYST FOLLOWING 81 OUR CLIENTS 45 CLIENT SURVEY 49 THE ADVICE MARKET 52 COSTS AND CHARGES 66 2
Slide 3: Part One – Business Model
PA R T O N E – B U S I N E S S M O D E L
Slide 4: Strategy
STRATEGY 4
Slide 5: St. James's Place Overview
ST. JAME S’S PLACE OVERVIEW • Leading UK Wealth Management Company - Established 1991 - UK listed with market cap of c.£6 billion - £85.7 billion in funds under management - Target market £50k to £5 million free investable assets • Differentiated business model - ‘‘Vertically integrated’’ - Own dedi
Slide 6: Global Investment Management Expertise
G L O B A L I N V E S T M E N T M A NAG E M E N T E X P E RT I S E 38 funds 37 fund houses 32 exclusive strategies to UK retail investors 68 lead fund managers 6
Slide 7: Whole of Market Approach
W H O L E O F M A R K E T A P P R O AC H Although our advice is restricted to the products and services available through St. James’s Place, we take responsibility for the due diligence on all the providers whose products and services we make available to our clients, some of which are shown below.
Slide 8: Strategic Context – The Growth Model
S T RATE G I C CONTEXT – THE GROWTH M ODEL NEW BUSINESS Number Gross Inflows of Qualified Advisers per Qualified Adviser Experienced recruitment Personal development Asia Broadening Investment Portfolio Academy Business/Technical Support Next Generation SJP Deposit/Lending Services Discretionary Fun
Slide 9: Number of Qualified Advisers
NUMBER OF QUALIFIED ADVISERS years 3.7% t 10 10% 3,500 the las ver 3,540 p.a. o 10% % and 9 3,000 ars 10% ast 5 ye er the l 13% h ov owt 2,500 un d gr o mpo 10% c p.a. 7% 11% 6% 2,000 8% Number 9% 10% 1,500 1,000 500 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 30 June 9
Slide 10: Gross Inflows per Qualified Adviser
GROSS INFLOWS PER QUALIFIED ADVISER 4.50 4.00 3.50 +6% +7% +9% +4% 3.00 £ million +3% 0% 2.50 2.00 +19% 1.50 1.00 0.5 0.0 2010 2011 2012 2013 2014 2015 2016 2017 30 June 10
Slide 11: Q3 Gross Inflows
Q3 GROSS INFLOWS £bn 4 3.7 3.6 3.5 3.3 3.2 3 2.8 2.8 2.5 2.5 2014 2.5 2.3 2.3 2.1 2.1 2.0 2015 2 1.9 1.9 2016 1.5 2017 1 0.5 0 Q1 Q2 Q3 Q4 2014 over 2013 +15% +17% +19% +12% 2015 over 2014 +12% +17% +20% +20% 2016 over 2015 +16% +23% +21% +30% 2017 over 2016 +32% +29% +28% 11
Slide 12: Gross Inflows
G ROSS INFLOWS 12 £11.4 11 +23% £10.5 10 +30% £9.2 9 £7.9 8 7 £6.8 £ billion 6 £5.6 £5.2 5 £4.7 4 £3.3 £3.1 £2.9 3 £2.5 2 1 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 30 Sept 12
Slide 13: Consistent Net Inflows
CONSI STENT NET INFLOWS 7.0 +17% +41% 6.7bn 6.0 +14% +20% 5.0 +28% £ billion 4.0 +4% +10% 3.0 +30% +31% 2.0 -11% 1.0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 30 Sept 13
Slide 14: 2017 – Fund Flow Information
2017 – FUND FLOW INFORMATION 9 months ended 9 months ended £ billion 30 Sept 2017 30 Sept 2016 Funds under management at start 75.3 58.6 Rowan Dartington Acquisition – 1.3 Gross inflows 10.5 8.1 Investment return 4.0 6.8 89.8 74.8 Regular income withdrawals/maturities (1.1) (1.1) Surrenders/part sur
Slide 15: Net Inflows 2007 – 2017 (Sept)
15 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 NE T I NFL OWS 2007 – 2017 (Sept) Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009
Slide 16: Funds Under Management
FUNDS UNDER M ANAGEM ENT 22% p.a. compound growth over the last 5 years and 17% p.a. over last 10 years (at Sept 2017) 90 +14% 85.7 80 +28% 70 60 +13% +17% £ billion 50 +27% 40 +22% 30 +26% +6% +31% +18% -10% 20 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 30 Sept 16
Slide 17: The Partnership
THE PARTNERSHIP 17
Slide 18: Dedicated Distribution – The Partnership
D E DI C ATE D DI STRIBUTION – THE PARTNERSHIP • High quality self-employed team of 3,540 Qualified Advisers - Average age is 47 - Above average productivity - 90%+ per annum retention rate • Aim to grow Adviser numbers by 5% to 7% per annum • Aim to increase productivity each year • Average industr
Slide 19: Geographic Distribution
GE OGRAPHIC DISTRIBUTIO N 30 June 2017 ADVISERS CLIENTS 5% 6% 2% 2% 23% 22% 24% 13% 14% 14% 4% 4% 3% 4% 4% 4% 4% 4% 22% 22% 22% 9% 10% Overseas Advisers: 4% Overseas Clients: 2% 15% 12% 19
Slide 20: Qualified Advisers by Age Band
QUALI FI E D ADVISERS BY AGE BAND 30 June 2017 Existing Advisers New Joiners 65+ 55-65 65+ 55-65 3% <35 10% 1% 19% 12% <35 45-55 37% 20% 35-45 29% 45-55 37% 35-45 32% 20
Slide 21: Adviser Development
ADV I SE R DEVELO PMENT Business Business Acquisition Transition Processing Establishment Development Risk FIELD MANAGEMENT TEAM ST. JAMES’S PLACE PARTNER PRACTICE CIRENCESTER SUPPORT FUNCTION Private Technical Business sale Learning & Marketing Technology Risk Clients Support & purchase Development
Slide 22: Total Adviser Numbers
TOTAL ADVISER NUM BERS FSA FSA FCA FCA FIGURES FIGURES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2013 31 DEC 2014 31 OCT 2015 31 MAY 2017 Financial advisers 21,881 21,496 22,557 Combined 25,611 Bank advisers 3,556 3,182 3,672 Discretionary fund managers/stockbrokers 5,783 6,475 4,371 Not available Tota
Slide 23: Asia
ASIA The Opportunity • Offices in Singapore, Hong Kong and Shanghai • 110 advisers • Estimated 90,000 UK ex-pats with circa £13.5 billion of investible wealth (£150k each) – projected to grow to circa £20 billion by 2020 • Our global investment proposition and relationship based approach is well sui
Slide 24: Academy Graduates and Intake
• Over 250 have graduated the Academy and Next Generation Academy so far • In addition, there are over 200 students currently on the programmes • Four Regional Academies (London, Manchester, Solihull & Edinburgh) • Typical intake 15 – 20 per programme • Expect 115 graduates in 2017 (including Next G
Slide 25: St. James's Place Academy
ST. JAME S ’S PLACE ACADEMY • Average age 39: previous earnings c£64,000 • 60% under age 46 • 23% women • 58% are Partner referrals • 12% are Staff referrals • 19% directly from Academy website 25
Slide 26: Rowan Dartington
• Trusted relationships – a people business, built on trust and long-term relationships, face-to-face • Specialises in Discretionary Fund Management (DFM) • Growth model – acquiring and retaining client investments • Strong persistency – long-term retention data similar to SJP – 95% • 15 offices, 20
Slide 27: Complementary Investment Service
COMPLE ME NTARY INVESTMENT SERVICE • Managing clients assets – making all investment decisions • Open-architecture capability – access to direct equities and bonds • Bespoke portfolios – for example stripping out banking or oil stocks or having a more tactical asset allocation • Execution capability
Slide 28: Additional Services
ADDI T IONAL SERVICES • Advisory Stockbroking • Probate service – Clients can buy and sell share holdings – Probate valuation service targeted – Includes CGT management supporting both law firms and • ‘Execution only’ dealing private clients – Reactive dealing service where no – The service provides
Slide 29: Summary
SUM M ARY • Cultural alignment with St. James’s Place • Long term, trusted relationships • Broader range of additional investment management services • Growth opportunity in a consolidating sector • Manage more of clients wealth and acquire new clients • Attract new clients, Investment Executives, P
Slide 30: Slide 30
Slide 31: Investment Management
I NVE ST MENT MANAGEMENT 31
Slide 32: Our Approach to Investment Management
OUR APPROACH TO I NVE ST MENT MANAGEMENT ‘INDEPENDENT EXPERTISE’ THE INVESTMENT Peter Win Davina Steven COMMITTEE Dunscombe Robbins Curling Daniels ‘MANAGES THE MANAGERS’ Decisions: Appoints the Sets performance Risk management Change firm? fund managers objectives and strategy Change manager? No ch
Slide 33: Stamford Associates and Redington: Independent Investment Consultancies
S TAMFORD ASSOCIATES AND REDINGTO N: I N DE PE NDE NT I NVESTM ENT CO NSULTANCIES Research fund Monitor managers Advise Investment manager market and Portfolios Committee Access to Qualitative and Focus on future whole market quantitative outperformance • Analyse and identify • Data analysis Recomme
Slide 34: Global Investment Management Expertise
G L O B A L I N V E S T M E N T M A NAG E M E N T E X P E RT I S E 38 funds 37 fund houses 32 exclusive strategies to UK retail investors 68 lead fund managers 34
Slide 35: Growth Portfolios
GROW TH PORTFOLIOS DEFENSIVE PORTFOLIO CONSERVATIVE PORTFOLIO BALANCED PORTFOLIO Low Risk Lower-Medium Risk Medium Risk Portfolio Portfolio Portfolio asset mix: asset mix: asset mix: Global Fixed Interest 48% International Equities 1% Global Fixed Interest 44% International Equities 2% Global Fixed
Slide 36: Growth Portfolios (cont.)
GROW T H PORTFOLIOS ( CONT.) MANAGED FUNDS PORTFOLIO ADVENTUROUS PORTFOLIO Medium Risk Upper-Medium Risk Portfolio Portfolio asset mix: asset mix: Global Fixed Interest 25% International Equities 2% Global Fixed Interest 9% International Equities 5% UK Equities 17% Property 0% UK Equities 18% Proper
Slide 37: Income Portfolios
I NC OM E PO RTFO LIO S IMMEDIATE INCOME PORTFOLIO BALANCED INCOME PORTFOLIO DEFERRED INCOME PORTFOLIO Lower-Medium Risk Medium Risk Medium Risk Portfolio Portfolio Portfolio asset mix: asset mix: asset mix: Global Fixed Interest 69% International Equities 1% Global Fixed Interest 38% International
Slide 38: Funds Under Management
FUNDS UNDER M ANAGEM ENT 22% p.a. compound growth over the last 5 years and 17% p.a. over last 10 years (at Sept 2017) 90 +14% 85.7 80 +28% 70 60 +13% +17% £ billion 50 +27% 40 +22% 30 +26% +6% +31% +18% -10% 20 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 30 Sept 38
Slide 39: Annualised 1 Year Performance
A NNUA LI SE D 1 YEAR PERFORMANCE St. James’s Place Portfolios vs ARC Private Client Investment peer groups St. James’s Place ARC PCI Peer Group Average 12% 11.1 10.8 10% 9.5 8.9 8.9 8.6 8% 7.4 7.2 6.3 6.4 6.4 5.9 6% 4.1 3.8 3.8 3.8 4% 2% 0% Defensive Conservative Balanced Managed Adventurous Immedi
Slide 40: Annualised 3 Year Performance
A NNUA LI SE D 3 YEAR PERFORMANCE St. James’s Place Portfolios vs ARC Private Client Investment peer groups St. James’s Place ARC PCI Peer Group Average 12% 10.9 10% 8.9 8.5 8% 7.5 7.5 7.1 6.7 6.3 6.3 5.9 6% 5.7 5.7 4% 3.4 3.8 3.8 3.8 2% 0% Defensive Conservative Balanced Managed Adventurous Immedia
Slide 41: Annualised 5 Year Performance
A NNUA LI SE D 5 YEAR PERFORMANCE St. James’s Place Portfolios vs ARC Private Client Investment peer groups St. James’s Place ARC PCI Peer Group Average 12% 10.9 10.5 10% 9.1 8.9 7.7 7.8 8% 7.4 7.8 6.8 5.9 6.1 6.1 6% 4.0 4.0 4.0 4% 3.4 2% 0% Defensive Conservative Balanced Managed Adventurous Immedi
Slide 42: ARC Private Client Indices Universe
ARC PRI VAT E CLIENT INDICES UNIVERSE 42
Slide 43: Funds Under Management: Shown by Asset Class, Region and Wrapper
FUNDS UNDER MANAGEMENT: S H OWN B Y ASSE T CLASS, REGION AND WRAPPER 30 September 2017 Fixed Interest 17% UK 22% Investments Pensions 33% 38% Asia & Pacific 9% Alternatives 3% Property 3% Cash 8% US 22% Other Assets 4% European 12% Unit Trusts, ISAs & DFMs 29% 43
Slide 44: Benefits of Investment Management Approach
B E N E F ITS OF I NV E STMENT M ANAGEM ENT APPROACH • No in-house managers, so no conflict of interest • Benefit from Investment Committee experience & expertise • Ability to appoint the best fund managers with wholesale purchasing power • Continuous monitoring plus quarterly reviews • Easy to chan
Slide 45: Our Clients
OU R CLIENTS 45
Slide 46: Geographic Distribution of Client FUM
G E OGRAPHI C DI STRIBUTIO N OF CLIENT FUM 30 June 2017 5% 582,000 investment clients (circa 300,000 couples) 1% 20% Male 53% Female 47% 13% Average age 57 4% 3% 4% NB This number represents the number 25% of individual investment holders. Overseas Clients: 3% 10% 16% 46
Slide 47: Clients and FUM
C LI E NT S AND FUM CLIENTS BY VALUE BAND 30 June 2017 All Clients – FUM <£50k £1m+ 6% 20% £50k- £500k- £250k £1m 34% 18% £250k- £500k 22% 47
Slide 48: New and Retained Clients by Age Band
N E W A ND RE TAI NED CLIENTS BY AGE BAND 30 June 2017 Existing Clients by Age Band New Clients by Age Band <30 70 + <30 4% 30-40 10% 70 + 6% 14% 23% 65-70 9% 30-40 11% 40-50 19% 60-65 65-70 10% 10% 55-60 40-50 60-65 20% 11% 13% 50-55 55-60 14% 50-55 13% 13% 48
Slide 49: Client Wealth Account Survey 2017
C LI E NT W E ALT H ACCOUNT SURVEY 2017 49
Slide 50: Client Wealth Account Survey
CLI E NT W E ALTH ACCOUNT SURVEY Do you feel the St. James’s Place proposition provides value for money? Excellent 32% Good 50% Reasonable 17% Poor 1% St. James’s Place Annual Wealth Account Survey, 2017 50
Slide 51: Client Wealth Account Survey
CLI E NT W E ALTH ACCOUNT SURVEY Knowing everything you know of the St. James’s Place proposition, would you recommend it to others? Yes I would, and have already done so 58% Yes, but I have yet to do so 38% No 4% St. James’s Place Annual Wealth Account Survey, 2017 51
Slide 52: The Advice Market
ST. JAMES’S PLACE WEALTH AGEMENT THE ADVICE MARKET 52
Slide 53: What Advisers Offer
WHAT ADVISERS O FFER • Understanding a client’s goals and objectives • Design a personalised tax efficient financial plan and investment strategy • Provides peace of mind • Keep clients informed and review circumstances throughout relationship • Being there at key moments of truth • Manage the trans
Slide 54: Increasing Tax Burden
I NCRE ASING TAX BURDEN • Record number of higher rate tax payers • 2014-15 IHT receipts up 60% in 5 years • HNW population up 20% • Finance Act 2017 – 674 pages (second largest in history) 54
Slide 55: Increasing Complexity
I NCRE ASING CO M PLEXITY SHIFTING SANDS OF PENSION LEGISLATION Lifetime Allowance Annual Allowance 2006 Pension simplification (A-Day) £1,500,000 £215,000 Introduction of the Lifetime Allowance (rising to £1.8m by 2010) 2007 £1,600,000 £225,000 2008 Announcement that LTA would freeze at 2010 levels
Slide 56: Simple Tax Comparison Grid
SI MPLE TAX CO M PARISO N GRID INVESTMENT/ACCUMULATION PERIOD WITHDRAWAL Diversified Tax relief Investor Tax on Tax on IHT Tax on Tax on IHT on Other tax spread of on access income Capital income Capital death on death underlying investment Gains Gains investments possible REGISTERED POSSIBLE PENSIO
Slide 57: Value of Advice
VA LU E O F ADVICE INVESTMENT PERFORMANCE + TAX OPTIMISATION + PERSONAL RELATIONSHIP = CLIENT NET OUTCOMES 57
Slide 58: UK Aggregate Wealth
UK AG GREGATE WEALTH 30% 28% £50k to £5k of investable 25% wealth 25% 20% • 10.5 million individuals with 20% £2.1 trillion investable wealth 15% • Projected to grow to 12.4 12% million individuals with 10% £2.5 trillion investable wealth 10% • Excluding property and 5% 3% occupational pension asset
Slide 59: £2.8 Trillion of Wealth Available for Transfer
£2. 8 T RI LLI ON OF WE ALTH AVAILABLE FOR TRANSFER OV E R T HE NEXT 30 YEARS £6.6 TRILLION Total wealth CALCULATIONS FOR - Wealth consumed on £4.2 TRILLION lifetime spending - TOTAL WEALTH AVAILABLE FOR TRANSFER OVER THE Additional wealth spent £0.2 TRILLION on long-term care NEXT 30 YEARS FROM UNI
Slide 60: Demonstrating Value – Behavioural Assurance
DEMONSTRATING VALUE – BEHAVIOURAL ASSURANCE Recent FT article – ‘Time in’ the market • ‘If If you had been out of the FTSE All-Share index for KEEP CALM AND STAY INVESTED The cost of dipping in and out of the market 10 of the best-performing days over the past 20 years, you Trying to be too clever c
Slide 61: Demonstrating Value – Behavioural Assurance
DEMONSTRATING VALUE – BEHAVIOURAL ASSURANCE 2016 Investment Association platform net flows vs SJP £1,250m £1,000m £750m £500m £250m £0m JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC -£250m -£500m -£750m Investment Association SJP -£1,000m Source: The Investment Association – Five Platforms that pr
Slide 62: Impact of Low Interest Rates
IMPACT OF LOW INTEREST RATES DB SCHEME DEFICITS TRANSFER VALUES MIND THE GAP: UK PENSION DEFICITS HAVE XAFINITY TRANSFER VALUE INDEX BALLOONED SINCE THE BREXIT VOTE 2016-17 FTSE 350 total defined benefit pension deficit (£m) £200,000 £250,000 £245,000 £240,000 £150,000 £235,000 £230,000 £100,000 £22
Slide 63: Projected Growth in Retirement Income Assets
PROJE CT E D GROWTH IN RETIREM ENT I NCOME ASSETS ( £BN ) 600 CAGR 4% 400 300 15% 35 200 15 225 210 0% 121 0 2005 2010 2015E 2020E 2025E 2030E Individual Annuities Income Drawdown/Alternative products • In 2015, there were circa 12 million people • In the USA, individuals aged 65 and of retirement a
Slide 64: Source of New Business/Markets
SOURCE OF NEW BUSINESS/MARKETS • 88% existing clients, referrals and introductions • 12% new clients from other sources • 88% of Partners are confident Brexit will have little or no impact on their business • Partners are experiencing less competition from local IFAs, other Wealth Managers and finan
Slide 65: The SJP Opportunity
T HE SJP OPPO RTUNITY • ISAs - Cash £251 bn (April 2017 - HMRC) - Stocks & shares £267 bn (April 2017 - HMRC) • Bank and Building Society deposits £1,292 bn (June 2017 - Building Societies Association) • National Savings and Investment £148 bn (June 2017 - Building Societies Association) (NS&I) depo
Slide 66: Costs and Charges
COSTS AND CHARGES 66
Slide 67: The Market Advice... Transparent?
T HE MARK E T ADVICE... TRANSPARENT? The fees a client may have to consider when trying to compare advice and products based on publicly available information for a variety of firms and providers. % of initial investment Tiered fee based on amount invested + VAT Initial advice fee or hourly rate (£)
Slide 68: Full Advice Service
FULL ADVICE SERVICE 10 year reduction in yield comparison 3.6% St. James’s Place 1.9% Source: Grant Thornton Adviser Charges Report, June 2017. Grant Thornton has collated and computed data in the attached table from publicly available information, and some mystery shopping face-to-face meetings, at
Slide 69: Part Two – Financial Results
PA R T T W O – F I N A N C I A L R E S U L T S
Slide 70: Financial Summary
FI NA N CIAL SUMMARY • EEV new business profit of £343.0 million, up 50% • EEV operating profit of £397.3 million, up 40% • Total EEV profit of £622.9 million, up 41% • EEV NAV per share of 976.7p, up 23% over the 12 months • Operating cash result of £139.0 million, up 35% • Underlying cash of £123.
Slide 71: Cash & Dividend Profile
C A SH & DIVIDEND PROFILE 71
Slide 72: Post-Tax Cash Arising from In-Force Business
P O S T-TAX C A SH A R I SING FROM IN-FORCE BUSINESS 350 +15% 300 306.2 +13% 250 +26% 266.3 236.5 +30% £ million 200 188.2 +2% +15% 150 +23% 156.4 144.5 100 125.4 50 0 2011 2012 2013 2014 2015 2016 2017 30 June 72
Slide 73: Return on In-Force
RE T URN ON INFO RCE • The estimated current value of new business added in the Year £ Billion last six years, which is not 2011 1.1 yet generating positive cash 2012 2.9 earnings is circa £26.8 billion. 2013 4.0 2014 4.3 • The future post tax cash 2015 5.2 earnings of these funds is 2016 6.1 estima
Slide 74: Investment in New Business
I NV E STME NT IN NEW BUSINESS 350 Underlying post-tax cash arising 306.2 from in-force business 300 199.5 Investment cost 266.3 New business cost 250 182.1 236.5 173.8 £ million 200 188.2 144.5 139.9 156.4 150 125.4 84.0 123.1 63.0 100 50 0 2011 2012 2013 2014 2015 2016 2017 30 June 74
Slide 75: Investment in New Business
I NV E STME NT IN NEW BUSINESS 30 June 2017 30 June 2016 New business cost 17.4 50.3 Investment cost 15.9 8.7 Post-tax investment in new business (£m) 33.3 59.0 Post-tax present value of expected profit 282.3 186.7 from investment (£m) Cash payback period (years) 3 5 Investment as % of gross inflow
Slide 76: Underlying Post-Tax Cash Result
UNDE RLY I NG POST-TAX CASH RESULT 350 300 199.5* 250 182.1* 173.8 £ million 200 139.9 150 84.0 63.4 123.1* 100 50 33.3 0 2011 2012 2013 2014 2015 2016 2017 * Includes impact of significantly higher FSCS Levy fees 30 June 76
Slide 77: Continual Dividend Growth
C ONT I NUAL DIVIDEND GROWTH 35 +18% 33p 30 +20% 25 +46% 20 Pence +50% +25% 15 15.41p +33% rs last 10 yea 10 +33% over t he +33% ate wth r +2.5% d gro poun +18% +2% .a. com 25% p 5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 30 June 77
Slide 78: Conclusion & Outlook
C ONC LU SION & OUTLOO K • The advice market is big • Experienced and stable management • Favourable demographics team • The tax burden is increasing • Experienced and stable advisory team – ‘The Partnership’ • Move from state to individual responsibility • Proven and resilient track record of growt
Slide 79: Our Shareholders
OUR SHAREHOLDERS 79
Slide 80: Our Shareholders
OUR SHAREHOLDERS 1. Fidelity (FMR) 5.68% 2. BlackRock (BGI) 5.44% 3. M&G 5.26% 4. Baillie Gifford 5.16% 5. Columbia Threadneedle 4.87% 6. Allianz Global 4.16% 7. Legal & General 3.60% 8. Old Mutual 3.53% 9. Vanguard Group 2.97% 10. State Street GA 2.29% As at 30 September 2017 80
Slide 81: Analyst Following
A NA LYST FO LLOWING 81
Slide 82: Analyst Following
A NA LYST FO LLOWING • Lance Burbridge Autonomous • Greig Paterson KBW • Alan Devlin Barclays Capital • Neil Welch Macquarie • Trevor Moss Berenberg • Jon Hocking Morgan Stanley • Andrew Sinclair Boa Merrill Lynch • David McCann Numis • Haley Tam Citi • Barrie Cornes Panmure Gordon • Abid Hussain Cr
Slide 83: Investor Relations Contacts
I NV E STOR RELATIO NS CONTACTS If you have a query or require more information, please get in touch with one of the contacts below: Tony Dunk Andrew Croft Hugh Taylor Director, Investor Relations Chief Financial Officer Investor Relations Manager Telephone: 0207 514 1963 Telephone: 0207 514 1963 Te
Slide 84: October 2017
O C TO B E R 2 017 SJP6001 Q3 (10/17)