Laverick says that attempts to bolster numbers were resulting in the firm’s sales managers spending a day and a half away from the office every week at a time when the firm when they could be out there with existing advisers.
He says: “The time away to find the right people was just too much so our targets need to be re-evaluated. For example, we currently have 165 wealth managers and we would be happy if we had in the region of 180 by the end of the year. We want to remove all inefficiencies in the business and tick the box off in terms of moving into profit.”
Speaking to Money Marketing earlier this year, former AWD chief executive Mike Kirsch said that the firm was looking to double its total number of advisers to 500 in the next three years.
Laverick also says the group will look to go on the acquisition trail in 2010.
He says: “I am not ruling out all opportunities in 2009 but we have a number of targets that we are eyeing up for next year. By that time a number of business will be under more pressure while I think we will be under less.”