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Bluefin restructure cuts adviser numbers to 50

Bluefin Advisory Services has restructured its private client financial planning division, cutting adviser numbers from around 180 advisers to 50. 

The firm says the restructuring process, headed by private clients managing director Suvan de Soysa, was designed to ensure that it is positioned to take advantage of the opportunities afforded by the retail distribution review. 

As part of the streamlining, all Bluefin Private Client advisers will be required to have attained CII diploma level and the Institute of Financial Planning Certified Financial Planner status. 

BPC will be undertaking a programme of selective recruitment until the year end and the division will be focus on providing advice to individuals with disposable assets of over £250,000.

Last week, Bluefin Advisory Services head of London and the south East Mike Godfrey quit his role after three years with the firm. Head of strategic development Ian Shipway left the firm in November.

Bluefin Advisory Services CEO John Simmonds says: “We’re very pleased at how the restructure of BPC has progressed. The last few months have seen a significant overhaul of the division but the steps were necessary in ensuring we are at the forefront of the new advisory climate precipitated by RDR.” 

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Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. Great news! 150 advisers thrown on the scrapheap.Countless clients, or at least those with less than £250000 to invest, thrown to the dogs sorry I mean banks. Good to see you are well positioned to take advantage of the opportunities, afforded by the RDR. You are certainly going a long way in enabling the fsa to deliver its mandate of decimating the IFA sector and ridding the all but hnw clients of affordable advice. Well done. I only hope you TCF your clients as well as you have done 150 advisers. The FSA should award you a certificate of complicity.

  2. So Bluefin has reduced its adviser count from 650+ to just 50. While I was employed by Bluefin (by acquisition, not choice), I was impressed by the level of qualifications that my colleagues held. I can’t believe that any of these have left as a result of Bluefin encouraging them to improve their standards and qualifications. They have left due to Bluefin telling them how to look after their own clients and forcing them to sell in-house, off-the-peg investment strategies rather than provide bespoke, independent financial planning. It’s most likely that the remaining 50 are on such good packages that they would be foolish to leave the company whilst the rest of us are building up our businesses again without the constraints of big brother telling us how we should advise our clients. It will be interesting to see how many remain after the launch of the NEW (again) investment proposition in July.

  3. “We’re very pleased at how the restructure of BPC has progressed”

    I wonder how pleased all the back office staff that lost their jobs in Telford and other sites are.

    The present management team couldn’t run a p*** up in a brewery.

  4. How can John Simmonds be pleased. AXA paid £100m for Thinc when it had 650 advisers. This is now down to 50 which values each adviser at £2,000,000!?

    How can the management team that are still in place, eg Simmonds be allowed to carry on?

    Do AXA like throwing money away?

  5. I too would like to see a comment from AXA. When I joined Thinc in 2007 there was around 400 Network advisors & 400 National advisors. Within a very short time they are left with a reported 50 advisors, although I believe the figure is actually lower than this in reality. How can Bluefin justify the AXA spend to date? Also, what will happen to those clients who do not fit the new model?

  6. They wanted to be the biggest fish in the financial water. They are now down to 50 advisers. This is a beached whale

  7. Terry Makewell 17th May 2010 at 4:53 pm

    test for error

  8. Labour could have used these people with their positive spin on what sounds like the death knell of the business.

  9. The destiny is in the Name
    Bleu Fin (Fr) – Blue End
    Suggest Axa management read more Corporate management books such as:-
    Good to Great by James Collins which documents very well how Organisations succeed or fail. One important point is obtaining management, and secondly a company should stick to its nitting ie do n’t go off on a tangent on businesses that lead to dead ends.

  10. Looks like their is one senior manager per advisor, what a great supervisory ratio. How on earth they will generate enough revenue to pay the deadwood, sorry I mean overheads, is beyond me. looks completey buggered if you ask me. Good old management another great job of destroying peoples livelihoods. Reality is i wouldn’t trust them to do the weekly shopping. RDR must stand for “Right Do Redundancy” at Bluefin. The sad thing is when the whole lot goes belly up, there will be jobs for the boys at some other network, and know what, history will keep repeating it self. These so called business men could run a stall at car boot sale, then again keep a look out at your local sunday event for some bluefin manangement trying to raise some money to supplement their redundancy.

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