This week wealth manager St James's Place announced the launch of a bold new logo and rebrand but I wonder if the coming changes will go deeper and be even bolder?

Superficially the changes represent just a modernisation of logos and brands which have changed little in 30 years.

Interestingly the rebrand was gently eased into the market without making a song and dance. That's probably the way of SJP, not a company to make too much of a fuss.

Reading between the lines, however, I believe the company is changing direction.

The rebranding material talks about a new 'voice' for the company and making things clearer for clients.

It's no secret SJP has been hammered by some elements of the press, particularly the Sunday Times, in the past few years, accused of a dated, sales-oriented culture and opaque charges.

Financial Planners have also been sniffy about a company some see as charging too much for too little.

All of this must have hurt a business which, at the same time, has weathered the pandemic well and remains hugely profitable.

According to its latest figures the firm now has well over 4,500 partner advisers, outgunning most UK advisory businesses. That did not happen overnight.

But if the firm wants to remain successful in the coming years it needs to change and I believe the rebrand is the first stage of that.

Attention must turn now to charges, which need to come down, and to the somewhat confusing blend of independent and part-restricted advice.

There is no doubt that SJP gets a lot of things right when it comes to looking after clients over the long term but it must also seek a true fiduciary responsibility, seeking to do right for clients all the time. Clients must come first, not profits.

This means looking at the relationship with clients and doing the best to minimise costs and charges. If clients can get the same or a similar service much cheaper elsewhere it's time to change.

I expect SJP to change quite a bit over the next few years. It has a successful formula but it must also take better care of clients who may not always be able to judge if they are getting a good deal on their investments and may not always understand the charges they face and how that impacts of long-term performance. SJP must also make changes where fund performance has been lacking.

In summary, clients should get a better deal. SJP can be just as successful and grow just as fast by being a beacon of best practice to the Financial Planning sector and not a firm seen by some as working in a different and opaque way to others.

The rebrand is long overdue and so are the changes I've mentioned above. The future can be a promising one for SJP if it listens to its critics and responds with meaningful changes. The new branding is a chance to make those changes.

• If you have not yet registered for Financial Planning Today as a subscriber please do so now. It's free to sign up and you get access to up to 10 free articles a month with the option to upgrade for unlimited access. Access to stories will be restricted without registration. Registration takes 30 seconds, just click on a couple of stories to see the Registration box. If you are already registered there is no need to re-register.

Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience in finance, business and mainstream news. This topical comment on the Financial Planning news appears most weeks, usually on Fridays but occasionally other days. Follow @FPT_Kevin