Wealth manager St James’s Place (SJP) is to launch its first mobile application for clients and advisers.

The app will be launched to the firm’s 900,000 clients within the next few weeks.

SJP said the app would make it easier for clients and advisers to collaborate, whilst freeing up time for advisers.

Ian Mackenzie, chief operations and technology officer at St James’s Place, said: “This is the first step of many in our development of dedicated Next Generation digital technology to make it easier for SJP clients and their advisers to collaborate, administer and manage their financial futures in more convenient, more engaging and more efficient ways.

“The SJP app will provide clients with accessible ways to manage and keep track of their investment performance and financial position. It will also further enhance the unique and trusted relationship they have with their SJP adviser, using technology to power and underpin the personal, face-to-face service our advisers provide.

“The intention is to ease the burden of paperwork, documentation, storage, reporting and planning, freeing up our advisers’ time so they can better focus on making a difference to our clients’ future, and designed using leading identity and security technology to keep client details safe and secure.”

The app will be optional, allowing clients to continue receiving paper documents should they prefer.

According to SJP’s app disclaimer, the app is provided for “general information only” and SJP does not provide financial or investment advice via the app.

SJP is one of several wealth managers and Financial Planners to launch an app in recent months.

Financial Planning network the Academy of Life Planning earlier this year developed an open-banking-powered Financial Planning app The Happiness Navigator.

Academy of Life said the app ‘makes a significant contribution to bridging the advice gap’.

Fintechs Moneyhub and Pennyworth recently joined forces to develop a new Financial Planning and banking app.

The Pennyworth Financial Planning and banking app aims to make it easy for affluent individuals to discover, set and track their financial goals.

Abrdn also recently agreed to buy AI-powered wealth manager Exo Investing with plans to offer digital wealth management services via an app. 

However, SJP is several years behind many other wealth management firms. Rival wealth manager Brewin Dolphin first launched an app in September 2019.