Navigating Regulatory Changes: SJP Ongoing Advice Charges

Technology used

SQL Server (Legacy)

Snowflake Core Data Hub (CDH)

Matillion ETL

AWS S3

Custom-built solutions

Solution

Executed a comprehensive, multi-phase strategy, which included modernising the data platform, migrating to Snowflake CDH, and enhancing data modeling and reporting capabilities. Training and rigorous testing ensured seamless integration, improved system robustness, and supported regulatory compliance.

Results

Enhanced data transparency and operational efficiency, delivering timely data updates and a successful migration to Snowflake CDH. Enabled the launch of a new client app and increased customer satisfaction.

The Challenge

The Solution

The Results

The Challenge

SJP faced a significant challenge in enhancing the transparency of their Ongoing Advice Charges (OAC). Through conversations internally with clients and the regulators SJP decided to supply a more granular breakdown of these charges, which previously appeared as a single percentage. (Learn more about the changes to comparable charges at SJP).

Reacting to these demands for greater transparency necessitated a comprehensive overhaul of their data management systems. The legacy systems in place were not equipped to handle the increased complexity and volume of data, leading to concerns about their ability to meet the new requirements.

Snap Analytics acted as both an accelerator and a body on the ground to get things done. Their expertise in Matillion and Snowflake was invaluable.

Barney Eccleson

Head of Data Engineering

United Kingdom

The Solution

Snap Analytics stepped in to address these challenges with a multi-phase approach:

Discovery and Planning

The initial phase involved understanding SJP's objectives and the existing data architecture. Snap Analytics collaborated closely with SJP to map out the project deliverables and assign specific tasks to agile teams.

Building the Foundation

Snap Analytics implemented foundational enablers to enhance the robustness and performance of SJP's data platform. This included the development of Change Data Capture (CDC) jobs, new Star Schemas for data modeling, and the implementation of complex financial calculations like Money Weighted Rate of Return (MWRR) and Time Weighted Rate of Return (TWRR).

Migration and Integration

The project involved migrating data from the legacy SQL Server warehouse to the new Snowflake Core Data Hub (CDH). This phase also included repointing critical business operational reports, specifically Capital Gains Tax (CGT) to use data from the Core Data Hub.

Collaboration and Training

Snap Analytics embedded their teams within SJP's agile release train, ensuring seamless collaboration and knowledge transfer. Regular check-ins, sprint reviews, and monthly sessions facilitated effective communication and project management.

Implementation and Testing

The solution was rigorously tested to ensure it met the high standards set by both SJP and Snap Analytics. The implementation of a new complaints process and enhancements to the financial crime monitoring system (Consortix) were key highlights of this phase.

The Results

The project delivered significant results for SJP:

Enhanced Data Transparency

The new system provided a granular breakdown of OAC, improving transparency for over 800,000 clients.

Improved Data Timeliness

Data updates that previously took until 5 PM were now completed by 5 AM, significantly enhancing the timeliness of information.

Successful Migration

The migration to Snowflake CDH was completed on time, with all applications and reports successfully repointed.

Client Satisfaction

The project enabled the launch of a new client app, with 10% of clients already onboarded and benefiting from the enhanced data transparency.

Operational Efficiency

The implementation of new data models and financial calculations streamlined operations and improved data accuracy.

St. James's Place is a leading wealth management and FTSE 100 indexed company with a robust team of over 15,000 partners and employees. They are renowned for providing expert financial advice and services, managing assets worth billions, and catering to a diverse clientele ranging from individual investors to large corporations. The company operates across multiple regions, ensuring a broad reach and influence in the financial sector.

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