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£150 million-plus milestone for Aberdeen investment company

And Scott James & Associates has got 2024 off to a cracking start.

Scott James & Associates' team members, l-r, Lesley Sim, Natalie Murphy, Julie McKenna, Ceri Dey, Frances Boyle, and Callum Robertson.
Scott James & Associates' team members, l-r, Lesley Sim, Natalie Murphy, Julie McKenna, Ceri Dey, Frances Boyle, and Callum Robertson. Image: Precise Communications

An 18% increase in any growth metric is impressive in this economic climate, so it’s no wonder the director of Aberdeen firm Scott James & Associates is “extremely proud”.

Scott James launched his investment management business nine years ago.

Nearly every year since, the firm has achieved close to 20% growth in funds under management.

And last year the total surged to a record £151.7 million, from £128.4m in 2022.

This figure has more than doubled since December 2020, rising from £74m over that period.

Challenging economic backdrop

The strong-year-on-year growth has been achieved against a backdrop of the Covid pandemic, soaraway inflation, higher interest rates and a brutal cost-of-living crisis.

Scott James & Associates – now also operating from an office in Blairgowrie, in Perthshire – has benefited from several strategic acquisitions in recent years.

Meanwhile, it has expanded from a three-person outfit in 2019 to an 11-strong team today.

The latest headcount total includes four financial advisers and one mortgage adviser advising clients across Aberdeen, Aberdeenshire, Angus and Perthshire.

2024 is already off to a positive start with more than £6.5m in new business secured across a range of services.”

Scott James

Business has grown largely through word-of-mouth.

Mr James cited positive feedback and referrals as a major factor in the double-digit growth.

The firm now supports more than 1,100 clients, with around one-third coming on board in the past two years.

‘Tremendous hard work’

Its director said: “I’m extremely proud of what the team has achieved, not only over the past 12 months but year after year through tremendous hard work and dedication to their profession.

“While we ended last year on a high by passing the £150mm milestone, 2024 is already off to a positive start with more than £6.5m in new business secured across a range of services.”

Scott James, of Scott James & Associates.
Scott James, of Scott James & Associates. Image: Precise Communications

He added: “The continued loyalty and support of our clients has been the driving force behind our success to date.

“Almost every year since starting the company, we’ve achieved close to 20% growth.

“I’m confident we can continue in the same vein.”

Inheritance advice

The firm has a steady run of inquiries from people looking for retirement and pensions advice.

It is now also seeing growing demand from those looking for advice around inheritance and what to do with their estate.

Mr James said this is “something which is likely to increase in the coming years”.

Older couple seeking advice.
Scotland’s population is getting older, meaning there is more demand for advice on topics like inheritance. Image: Shutterstock

Official figures bear this out – according to the 2022 census, there are now more than a million people aged 65 and over in Scotland.

Between 2011 and 2022 the 65-plus population north of the border grew by 200,700 people, up 22.5%. Recent censuses in the rest of the UK and in several other G7 countries showed their populations ageing too.

Recent acquisitions

Scott James & Associates’ acquisitions include two fellow St James’s Place practices.

The first, involving a business in Blairgowrie, was in 2019. The other saw the Aberdeen firm snap up a practice based in Cruden Bay, Aberdeenshire, in 2022.

Scott James & Associates has also expanded through its acquisition of the client base of another partner practice, in Arbroath.

Mr James added: “We have an extremely capable and talented team, each bringing significant expertise in various aspects of financial management.

“We have buy-in from all the team, pulling in the same direction to deliver the best possible service, while helping our clients achieve their personal goals and aspirations.”

Fast-growing Aberdeen firm’s St James’s Place connection

Scott James & Associates is an appointed representative of St James’s Place Wealth Management, which offers effective wealth management and financial planning advice to individuals, trustees and businesses throughout the UK.

Keith Willett, regional director for Scotland and Northern Ireland, St James’s Place, said: “Scott has built a great practice and has a superb reputation for giving great advice that allows people to reach their financial goals.”

The Aberdeen business is “equally passionate about developing lifelong relationships”, Mr Willett said, adding: “We celebrate with them at this milestone and wish them well for the future.”

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