Gordon Aitken speaks sensibly about SJP
It makes no sense to give SJP a beating up; SJP is unique among financial services companies in delivering what it set out to since the 1980s
Gordon Aitken’s report is available on this link
Inside the report shows the departures sized on management’s own retention experience, then stress-tested at double that estimate, at which point the exposure is still only 1% of group funds;
why the adviser economics changed in August 2025 and which practices it hit hardest;
what the H1 2026 results showed on client retention, flows and capital returns; the £51bn gestation pool that starts paying its way to 2032;
Healey’s first Budget as a demand event for advice;
the AI question answered honestly; and the valuation at 0.53x embedded value.
Four appendices carry the methodology, the data registries and the workings, and the note’s 12 exhibits mean every number can be checked or challenged.