The changes – which will come into effect from 24 February 2025 – will improve diversification, introduce a more balanced blend of investment styles, while maintaining the focus on sustainability, which is required to meet the FCA’s new higher threshold for sustainable investments.

Schroders will be added as the sole manager of the fund. The fund will invest in Schroders global sustainable growth and global value equity investment strategies. By blending the two investment styles, the range of companies the fund can invest in will increase.

Ongoing charges will reduce by 0.01% as a result of these changes.

Justin Onuekwusi, chief investment officer at St. James’s Place, said: “The bar to be a labelled fund is very high and will help clients to better understand how their money is being invested in companies that aim to deliver a positive outcome for people and the planet.

“Schroders is a well-regarded expert of sustainable investing, with a diversified approach. They have depth of experience across different equity investment strategies, which can provide a more balanced blend of investment styles for the fund.

“We’d like to thank the team at Impax for their expertise, partnership and their key role in the success of the fund to date. We continue to see Impax as a leader in investing in the transition to a more sustainable economy and a key partner for us in the future.”

A cost-cutting plan and rising assets under management have helped bolster the company’s share price by as much as 67.79% in the last six months, putting it back into the FTSE 100,

It recently hit the headlines having elected to wind down £1.8bn of property funds amid ‘challenging period’ for property sector and cutting 500 jobs as part of a firm wide restructure.

Alliance Witan, the investment trust formed from the merger between Alliance Trust and Witan Investment Trust in June this year, is also heading into the FTSE 100. When the two trusts came together, it was the largest such combining of strategies in UK investment trust history.

Retail headwinds, profit warnings, and accompanying stock price falls have pushed retailer Frasers Group and  housebuilder Vistry Group out of the FTSE 100, as well as value retailer B&M European Value Retail SA . Alongside St James’s Place and Alliance Witan, hobby stock Games Workshop swapped places with these stocks.

Ian MacKenzie, chief operations & technology officer at St. James’s Place, said: “We are passionate advocates of personalised, face-to-face advice, and we strongly believe that increasing the availability of advice is key to addressing the advice gap. However, we also recognise the need for more to be done for consumers who do not currently receive any form of advice. The proposals around Targeted Support present an excellent opportunity—both for consumers and the industry—to bridge this gap.

“Targeted Support should provide a framework that enables consumers to make better-informed decisions. If we clearly define what Targeted Support is—and, crucially, what it is not (i.e., it should not be mistaken for advice)—it has the potential to be far more beneficial to consumers than current guidance.

“There are likely to be multiple avenues for firms supporting retail investors to utilise these proposals in developing new services for those not yet ready to receive advice. We also see opportunities to assist clients who have invested but may no longer be receiving advice to help support their financial goals.”

“We look forward to continue working with the FCA, the Government, and the rest of the industry to finish shaping the designs of these important reforms and ensuring that they serve the needs of consumers and clients.”

The fourth chapter of SJP’s Real Life Advice Report, launching today, highlights both the role of financial advice in supporting clients identified as having characteristics of vulnerability, and the ongoing barriers and improvements the industry needs to address moving forward.

The study, which surveyed just under 12,000 individuals, demonstrates the value of financial advice when life becomes more challenging. As many as 2.5 million UK adults sought out financial advice in the first place because of unexpected life challenges, with 31% of those receiving ongoing financial advice citing circumstances that can increase the risk of financial vulnerability as their main reasons for seeking support:
o Bereavement – 10%
o Ageing parents – 9%
o Caring for loved ones – 9% o Serious illness – 8%
o Becoming a single parent – 8%
o Divorce – 7%

Overall, 1 in 4 of those receiving financial advice has made them feel less vulnerable (25%), a third (33%) feel more confident, while 26% feel less stressed. In addition, 9 in 10 (92%) say seeking advice has benefited them mentally and emotionally.

Many others say that building financial resilience, which can play an important role in mitigating vulnerability, has been a key benefit of ongoing advice, with 22% saying they feel they now have adequate protection in place, 15% feeling able to cover the money required for health-related issues, and 18% feeling able to pay for any unexpected expenses.

Anna Blake, Chair of the Vulnerable Clients Steering Group, St. James’s Place, said: “Throughout a lifetime, many people will face events and challenges that can increase their risk of financial vulnerability. However, this doesn’t have to dictate their financial future. By seeking informed advice, prioritising mental health, and building resilience, our research shows they can navigate more difficult times with greater confidence.”

However, SJP’s study found that reticence to start conversations and lack of awareness of the support available are significant barriers which may be putting off others from seeking the right support for their circumstances. Research found that more than half (52%) of those who have received some form of financial advice state they would be unlikely to discuss additional support needs with their adviser.

Moreover, whilst a lot of good work is taking place across the industry, the research highlights the continued work that still needs to be done to address vulnerability. Of those receiving some form of advice:
o 1 in 5 (18%) say that little additional help or support was offered when they needed it.
o 15% were simply directed towards charities of similar organisations.
o Only 14% have been offered additional support that they weren’t previously aware was available. This increases to 1 in 4 (23%) among those receiving ongoing advice.

Blake continued: “Our research highlights how we must continue to reshape the dialogue around vulnerable clients. Whilst advisers across the country have been supporting their clients through all circumstances and scenarios over many years, the industry’s understanding of vulnerability, how to identify it in the first place, and how to provide clients with appropriate support, is evolving rapidly. Heading this drive at SJP, I’ve seen a three-fold increase in the number of clients being identified as having characteristics of vulnerability since July 2020, and

“I’m sure others in the industry are seeing similar trends as we all focus on improving our understanding and strengthening the processes and approach that underpin the support we provide. But there is clearly more to do.

“As an industry we need to get better at communicating the value we can offer and come together to address our gaps, share best practice and champion our strengths. If we do so, we have an opportunity to make a real difference and demonstrate more clearly how advice is a force for good in supporting all clients at risk of vulnerability.”

Above the clear guidance from the regulator around what is expected of firms, SJP has outlined five key areas of focus to ensure people receive the additional support they require:
1. Creating more debate around language: The term vulnerability is a label that people don’t walk towards easily and, in many ways, it does not help to illustrate the fundamental point that everybody is at risk of becoming vulnerable at some point in their life. SJP is currently undertaking a body of work around how we phrase questions and prompts to unearth challenges and vulnerabilities in a different way.

2. Sharing industry best practice: No one firm has all the answers, so creating a forum for shared knowledge is vital as this will enable innovation as an industry to ensure good outcomes for every vulnerable client. Coming together more to share learnings and best practice across the industry is in everyone’s interest.

3. Embedding across colleagues: Arming every adviser with the tools, training and support they need is a given, but we need to embed understanding into every corner of our businesses if we are to dispel myths around vulnerability. Mandatory training for all colleagues is an important step in this, but using initiatives such as national awareness campaigns, tools such as expert masterclasses, and alternative resources, such as podcasts, can bring the subject to life in a more impactful way.

4. Harnessing technology: Technology has a growing role to play in leaving no client behind. The likes of online assessment and guidance tools can really help advisers both identify and support vulnerable clients. The introduction of AI voice analytics into contact centres is an exciting development in adding a different perspective in how we spot clients in vulnerable situations more easily and technology will enhance our work as an industry to tackle this issue.

5. Building better Financial Resilience: Finally, advice has a significant role to play in mitigating the impact of vulnerability on financial decision-making by building better resilience in the first place. Our research earlier this year showed that, despite the cost-of-living crisis, 76% of those with a financial plan in place were confident in their financial position and 54% described themselves as financially comfortable compared to 34% who do not have a plan. Putting the fundamentals of sound financial planning in place reduces the urge to make impulsive financial decisions during crises and, as an industry, we must work together to champion this.

St. James’s Place’s Real Life Advice Report explores the benefits of accessing financial advice or guidance through diverse real-life stories from its advisers and clients. The report, released in a series of chapters, aims to highlight how financial advice and guidance can benefit everyone.

Opinium surveyed just under 12,000 UK adults between May and August 2024. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.

Almost half (48%) of those who have accessed advice or guidance – 12.5m people – did so following a key moment such as buying a property, getting married, or dealing with an unexpected change like divorce.

The second chapter of SJP’s Real Life Advice Report, launching today, explores the triggers that drive people to seek professional financial advice or wider financial guidance. Collectively, life milestones are the most common prompts:
• Reaching a certain age – 17%
• Buying a property – 15%
• Receiving an Inheritance – 12%
• Retirement – 10%
• Getting married – 10%

The study, which surveyed just under 12,000 individuals, also highlights that unexpected change and challenges are key drivers of financial advice or guidance. More than one in ten (12%) sought support following a change in job status, such as promotion, career change or redundancy, 6% following divorce and 6% following caring for loved ones. Serious illness and becoming a single parent were triggers for others (both 5%).

Alexandra Loydon, director partner engagement and consultancy at St. James’s Place, said: “Big life events and milestones make people stop, assess and plan, and often they prompt people to undertake some financial planning too. While it’s clear that one of the greatest benefits of financial advice or guidance is the support it can offer in times of change or stress, the key to navigating those moments is putting a strong financial plan in place ahead of time. Seeking the support to do so not only boosts mental and emotional wellbeing, but provides the confidence to reach life’s goals and milestones in the first place.”

Cost of living crisis is single biggest driver of financial advice or guidance

While life events and milestones are collectively the biggest reason that people seek financial advice or guidance, SJP’s research found that the single biggest driver was the cost-of-living crisis, with 18% accessing support due to this. Other macro trends also prompted action, with 13% seeking support due to changes in the economic environment, 10% as a result of high mortgage rates, 7% following policy changes and 5% after a change of government.

Meanwhile, for just under a fifth (18%) of those who have taken advice or guidance, seeking help was the more positive consequence of accumulating a savings and investment pot large enough to warrant it – rising to 27% to those that are currently receiving ongoing financial advice.

Referrals and recommendations are also common prompts for taking advice or guidance, with 15% of those who have received advice or guidance doing so following a personal referral, and 8% because they had a family adviser.

Younger generations more likely to seek support to navigate complicated issues

SJP’s research also reveals that the reasons why people first take financial advice or guidance are changing. Those aged 55 and over were largely prompted by more simple reasons, with one in five stating it was either because they’d reached retirement (21%), their savings had reached a certain level (20%), or they’d reached a certain age (20%).

In comparison, those aged 18 to 34 are more likely to seek support to navigate more complicated issues, as managing money continues to become increasingly complex:
• 24% have taken advice or guidance because they were worried about the cost of living (versus 8% aged 55 and over)
• 17% sought support to get on the housing ladder (versus 10% of over 55s) and 16% due to concerns around high mortgage rates (versus 3% of over 55s)
• 12% turned to advice or guidance to tackle how they support a loved one with care costs (versus just 1% of over 55s)

Alex Loydon continued: “Younger generations face a very different landscape to their parents and grandparents , from higher living costs and a tougher housing backdrop, to the decline in defined benefit pension schemes meaning greater individual responsibility for their retirement.

“This increasingly testing and complex backdrop means it’s even more important to be thinking about and taking action to build up finances as early as possible. Advice and guidance can help with understanding these issues, and with putting measures in place to ensure their money works as hard for them as possible, no matter what their circumstances are.”