Standard Life’s restricted national advice arm 1825 has disbanded its team that supported the transition of acquired IFAs.
The company says it has incorporated the functions of the team into other areas of the business.
Money Marketing understands the transition team comprised of around five people who have been offered redundancy or the chance to apply for other roles in the company.
A Standard Life spokeswoman says the company will not comment on the staff moves but confirms it has restructured the team.
She says: “Following the successful completion of a number of acquisitions we have simply embedded our transitional activities into business as usual process.”
The company says the restructure does not signal a change in strategy and it is continuing to consider acquisitions.
The spokeswoman adds: “There’s been absolutely no change to the strategy and ambition and we continue to engage with any firms we think will be a successful part of 1825.”
“We remain fully committed to growing 1825 and ensuring it is set up in the best possible way.”
The last acquisition 1825 announced was the London-based firm Cumberland Place in January.
Standard Life chief executive Barry O’Dwyer recently told Money Marketing the company is looking to expand in areas of the country where it is yet to establish a presence: Northern Ireland, the Midlands and the south coast of England.
1825 has 80 financial planners across 14 locations providing face-to face and telephone advice to around 9,000 clients.
The annual financial statement for parent company Standard Life Aberdeen, published last week, showed in the first six months of this year 1825 made a loss of £1m. This is down from the £2m it made in the same period in 2017.
Assets under advice increased £700m to £4.3bn in the first half of 2018.