St James’s Place (SJP) is to review its incentives for advisers after it was revealed they included high-value rewards such as cruises, cufflinks and watches.

The Sunday Times revealed details of a cruise scheduled for next year if partners reached certain new money levels from clients.

The national newspaper also revealed how an adviser claimed to have been paid around £250,000 a year to manage £70m on behalf of clients, but also got perks like Montblanc pens, Mulberry bags and expensive cufflinks.

The adviser said that at the highest level of partners can obtain 18-carat white gold, diamond-encrusted cufflinks worth around £1,200.

An internal note from CEO Andrew Croft, which has been seen by Financial Planning Today, revealed the firm was to launch an “internal review”.

The briefing read: “All in all, it is about the way we do things as a business overall and with that in mind, we have decided to launch an internal review into our incentives and recognition structure.

“We need to make sure that it reflects our culture and is fit-for-purpose in the fast-changing industry we operate within and is driving the outcomes that we, and our clients, value most.”  
 
It added: “This internal review will include all our incentives and events, including Overseas Partners’ Business Meetings.

“Over the past couple of years, the structure of these events has changed significantly and they play an important role both in building connectivity across the firm and in promoting best-practice, developing business owners and sharing client solutions.
 
“In December we set out changes to the levels partners need to achieve to attend these events.

“We firmly believe in celebrating and recognising the success partners deliver for clients and the value these events provide the partnership to maintain the highest standards of professional development.

“However, we should question ourselves on whether they fully meet our needs or appropriately reflect the culture of our business and we will be discussing that with you over the next few months.”