INTERVIEW
Jenny Lewis
THE INVESTOR
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15
You were appointed chair of
St. James’s Place at the start of the year.
What do you see as your main roles
and responsibilities?
When I arrived on the board ten years
ago the business was much smaller. It has
since changed considerably and I am very
proud that my fellow directors thought that
I deserved the chair. My responsibility is
for the Board and to make sure it supports
and oversees the business.We have robust
corporate governance structures, which
are useful as they impose a rational, formal
discipline on a business. However, it seems to
me that they are helpful, but not sufficient,
for the safe and sustainable growth of a
company, and for producing quality service
for our clients and partners.What matters
fundamentally is the culture of the business.
St. James’s Place has just joined the
FTSE 100 index.What will that mean
for the company?
It’s a significant milestone. It is interesting
that St. James’s Place is the second-fastest
company after easyJet to grow from
foundation to the FTSE 100. Both of us have a
distinctive approach to our marketplace.The
challenge now is to put in place the tools that
will guide us through our next 20 years.
We will continue with our commitment to
the St. James’s Place culture of doing the right
things for our clients, employees, Partners
and other people around us.
What are the key challenges for the
wealth management industry and for
St. James’s Place in particular?
It is important to help clients understand the
value of the financial advice they are getting.
Regulation, from both the UK and Europe,
is having a significant impact and this is an
inevitable consequence of the financial crisis.
The Retail Distribution Review has helped the
industry become more professional. I think the
challenge for the wealth management industry
is to ensure we keep delivering services that
clients appreciate. Clients’ needs will change
and the way they want to be contacted will
change.Ten years ago, a laptop was a sign of
geekiness; today, the iPad and other tablets
have revolutionised the lives of clients and
Partners. But the basic need for help with
long-term financial planning and for dealing
with the complexities of life will not diminish.
Much of the recent focus in the
financial services industry has been on
the price of services rather than their
value. Which do you think is more
important and how do you think the
debate will play out?
There will always be people who are prepared
to negotiate their way around the complicated
systems of financial planning themselves and
who will knowwho to complain to, and how,
when things go wrong. But I think there will
always be a lot of people who choose to leave
such matters to an adviser or firm they trust.
People want to understand the cost of such
an approach, but in our experience, they
appreciate the adviser-client relationship,
and value the support that offers in helping
themmake the right decisions.As an industry
we have not been that great at explaining
what we do. But we have so many testimonials
from clients who value our services; perhaps
we have not shouted about these as much as
we should have.
You used to serve on the St. James’s
Place Investment Committee.What
are your reflections on that time and
how does it compare with other parts
of the industry?
The committee is the guardian, or the
custodian, of our investment management
approach. It has huge resources, great people
and has developed over the years.The depth
of the analysis we do is terrific; it helps us
deal with any issues that arise and is a real
strength of the business that a lot of other
organisations do not have.The committee’s
reviews of Portfolios are so thorough and
detailed – a great analysis of the risks, rewards
and stress tests.
You are the second female chair of
a FTSE 100 company – the third takes
office inApril 2015. How significant
is that?
I am an old-fashioned Mancunian feminist
and I was brought up to think that I could do
whatever I wanted in the world. I find the fact
that there are so few women as chair of FTSE
100 companies odd and I would expect there
to be more in the next few years.
What are your interests outside work?
Like many of our clients I am busy with my
professional career, a student daughter and
parents who need some help – it is typical
of our generation. I took up classical singing
and, in an ideal world, I would like to do
more of that, and to play more tennis.
How do you divide your time between
St. James’s Place and your other roles?
I am committed to spending 100 days, or two
days a week, at St. James’s Place, but I am
always available. I visit regional offices and
have attended a number of Partner events,
and also enjoy meeting clients. I was chair
of a small charity for seven years, which also
took 100 days a year, but sadly I have had to
give that up as I no longer have the time to
spend on it. I am also the senior independent
director of Development Securities and sit on
the boards of a number of investment funds,
but this is useful as there is considerable
overlap in the nature of what they do.
How important is the work of the
St. James’s Place Foundation?
It is hugely important. It reminds everyone
in St. James’s Place that life is increasingly
complicated and that there are some issues
that are far more important. It is also
interesting how many people I meet
whose charities have been supported by
the Foundation. It makes a huge difference
to many people.
I find the fact that
there are so few
women as chair
of FTSE 100
companies odd
