His company confirmed his death at the age of 74 after a battle with cancer. Mr Wilson, life president of the company, “passed away peacefully”, a statement said.
Mr Wilson worked in the financial services industry from 1963 and founded the St. James's Place Group with Sir Mark Weinberg in 1991. He was chief executive until September 2004 and was chairman of the company until December 2011, when he resigned from the board.
He was also a director of the St. James's Place Charitable Foundation and was formerly Chairman of the Mental Health Foundation.
St. James’s Place chief executive Andrew Croft, said: “Everyone at St. James’s Place is deeply saddened to learn of the passing of Mike Wilson.
“As co-founder, CEO, Chairman and, latterly, Life President of St. James’s Place, Mike embodied the values the company has always held dear.
“He helped shape and deliver a vision for the wealth management industry by placing the best quality, relationship-based advice at its core. And, in the St. James’s Place Charitable Foundation, Mike leaves an extraordinary legacy of giving back to others.
“On behalf of St. James’s Place, I would like to pay tribute to Mike’s contribution to our company, our industry and the many causes that have benefited from the Foundation’s work, and express our deepest condolences to Mike’s family and friends.”