Wealth manager St James’s Place (SJP) has introduced virtual reality (VR) technology for training its financial advisers and Academy trainees.

SJP said the VR technology will accelerate learning and improve performance.

The wealth manager has already begun to use the VR headsets for virtual presentations and workshops.

It has also used the headsets for social events, allowing advisers to meet in a virtual setting.

VR role-playing was first introduced to the SJP Academy in September alongside in-person teaching following the blend of face-to-face and remote-based learning that was adopted during the Covid pandemic.

Academy trainees currently use VR to practice client meetings, fact finding and building rapport with clients with a greater degree of realism.

SJP said the use of VR has reduced the need to sole classroom learning, making Financial Planning training more accessible.

It has allowed the SJP Academy to double its intake this year to 400 delegates across 22 locations.

Di Macdonald, divisional director of learning & development at St. James’s Place, said: “The intention is to give people a safe space to practice in, so that they can gain confidence without the need for access to trainers, coaches or peers. It also enables us to utilise resources more effectively and train more people in a shorter space of time. We are able to enhance existing soft skills training and capture areas that may need more practice than others.

“This technology is improving rapidly, and is becoming more affordable, better quality and easier to use. Our continuing research and development programme is working to ensure that we can further enhance what is on offer. “

The VR programme was created with VR specialists Make Real and 55EFIVE in collaboration with experts within SJP. It uses 200 Oculus Quest headsets, with 50 more being rolled out in the coming months.