Aviva is to stop offering face-to-face investment and protection advice for its customers from 31 May.
The move, which comes as part of the 2,000 job cuts announced by the insurer last week, will affect approximately 120 advisers, most of whom are field-based.
Around 10 adviser roles will be retained to look after existing customers.
The announcement will see Coventry Building Society, which has a bancassurance partnership in place with Aviva for investment and protection advice, pull out from offering investment advice to its customers.
A total of 20 Aviva advisers are currently based with the Coventry branch network. The building society’s mortgage advisers will continue to offer Aviva protection products under a single-tie deal.
Aviva says the move has been prompted by consumer demand, which is for internet and telephone-based services rather than a full face-to-face advice service.
Staff within the direct sales force were informed of the closure yesterday.
An Aviva spokesman says: “We have previously outlined plans to reduce our expenditure to improve our position as a business. This has meant we have been reviewing how we can meet our customers’ needs in the most cost-effective way.
“As a result we can confirm that as of 31 May, Aviva will no longer offer fully advised sales to new customers across all life products.
“We remain fully committed to supporting all our customers and we will continue to offer products and services through our non-advised direct team and via our distributors, including our broad network of independent financial advisers.”