Another way (with $m=4$), probably less elegant:
sum = Expand@(1/6 Sum[Sum[Subscript[\[Phi], i], {i, j + 1, m}]*Subscript[S,j],
{j, 1, m - 1}]^3 /. m -> 4)
Generate the rules:
rules = Flatten@(Table[{Subscript[S, j]^3 -> 8,
Subscript[S, j]*Subscript[S, j + 1]^2 -> 2 j ,
Subscript[S, j]^2*Subscript[S, j + 1] -> -2 (j + 1)}, {j, 1,
m - 1}] /. m -> 4)
Replace:
sum /. rules
$\frac{1}{2} S_1^2 S_3 \phi _4 \phi _2^2+\frac{1}{2} S_1 S_3^2 \phi _4^2 \phi _2+S_1^2 S_3 \phi _4^2 \phi _2+S_1 S_2 S_3 \phi _4^2 \phi _2+S_1^2 S_3 \phi _3 \phi _4 \phi _2+S_1 S_2 S_3 \phi _3 \phi _4 \phi _2+\frac{1}{2} S_1 S_3^2 \phi _4^3+\frac{1}{2} S_1^2 S_3 \phi _4^3+S_1 S_2 S_3 \phi _4^3+\frac{1}{2} S_1 S_3^2 \phi _3 \phi _4^2+S_1^2 S_3 \phi _3 \phi _4^2+2 S_1 S_2 S_3 \phi _3 \phi _4^2+\frac{1}{2} S_1^2 S_3 \phi _3^2 \phi _4+S_1 S_2 S_3 \phi _3^2 \phi _4+\frac{4 \phi _2^3}{3}+2 \phi _3 \phi _2^2+2 \phi _4 \phi _2^2+\phi _3^2 \phi _2+\phi _4^2 \phi _2+2 \phi _3 \phi _4 \phi _2+\frac{5 \phi _3^3}{3}+2 \phi _4^3+\phi _3 \phi _4^2+2 \phi _3^2 \phi _4$