Skandia axes 20% of sales force

10 Dec 2012 | 10:30
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Skandia has cut 20 of its 100-strong sales force as it restructures its financial adviser sales team ahead of the RDR.

Investment Week revealed in October that the platform's sales staff were in consultation over job cuts, after Old Mutual Wealth revealed there would be 200 jobs lost across the business.

The sales restructure will see the creation of two new types of role: wealth management consultants and development consultants.

The former will work with advisers "to identify opportunities to grow their business", with the latter providing ongoing account support on a day-to-day basis.

The group has named Nick Jones as head of sales for the South, with Gary Stirrup head of sales for the North. Both will report in to new UK sales director Steve Powell, who will also head up strategic sales and specialist sales teams.

Skandia has also appointed Nigel Jefferies as head of strategic relationships.

"The new 80 strong sales team will be nimbler and more effective, with a strong leadership team. Advisers will continue to receive dedicated, specialist support, and we are confident this new approach will provide unrivalled adviser support, something we will continue to be renowned for," said Powell.

Skandia is aiming to turn around its loss-making platform business over the coming years by growing funds under management (FUM) and halving costs as a proportion of FUM.

The group is also targeting the restricted advice market by launching Select, its core solutions range, in the middle of 2013. It has signed up eight external fund groups to provide offerings for the range.

Categories: Platforms / Wraps

Topics: SkandiaSales

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