Sky News said SJP has started working with FTSE 100 advisory company Russell Reynolds Associates.

A spokesperson for St. James’s Place told Financial Planning Today: “As part of long-term succession planning, the Board has regular dialogue with search firms to assess and monitor the market. This is in line with best practice corporate governance.”

Mr Croft has been a long-serving employee at the company, first joining 30 years ago in 1993.

He became chief financial officer in 2004 and remained in that position until 2017.

He was then promoted to chief executive in 2018.

The search for a successor and subsequent transition could take more than a year to complete, according to Sky News.

The wealth manager posted disappointing Q1 results last month, with net inflows falling 31% and gross inflows dropping 11% compared with the same period in 2022.

Mr Croft said it had been a "good quarter" and he expected net flows and funds under management to increase as the year goes on."

He said: “We have begun 2023 much as we expected, so if macroeconomic indicators and consumer sentiment show further signs of recovery, we continue to anticipate a more supportive environment for new business as 2023 unfolds.”

Funds under management increased slightly by 1.6% to £151.2bn.

In March it was revealed that Mr Croft would receive a basic pay rise increase of nearly £30,000 a year.

His base pay rose from £590,947 to £620,494, up 5%, according to the wealth manager's Annual Report and Accounts.

Mr Croft’s total remuneration package fell slightly last year from £3.141m the previous year to £3.115m, mainly due to bonuses being cut.