Axa Wealth cuts 30 sales and support jobs
Axa Wealth is cutting 30 jobs from its sales and support teams following the completion of its RDR programme and the separation and transfer of its life business to Friends Life.
The company is cutting 10 frontline sales roles and 20 roles from its sales support team. Affected staff were informed of the move last week, which will see the teams reduce from around 250 to 220 members.
Axa is also hiring five tax wrapper specialists which will provide off-platform adviser support.
An Axa spokesman says: “As our business develops, 10 frontline sales roles and a further 20 sales support roles will be lost, as we focus on the opportunities of the post RDR world. This still leaves Axa Wealth with one of the largest sales teams in the market.
“We are continuing to invest in the company and its capabilities and expect this will result in the creation of new roles over the course of the next two years.”
Axa says it will look to reduce the number of staff cuts where possible through redeployment and not replacing staff when they leave.
Aurora Financial Planning chartered financial planner Aj Somal says: “It is an inevitable consequence of the RDR that large organisations are looking to reduce costs with the increased focus on charges. I expect we will see more job cuts at the larger firms, particularly those with a significant legacy book.”