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Bluefin review could axe development managers

Bluefin Advisory Services has put 16 area development managers on redundancy notice as part of the strategic review of its private client business, Money Marketing understands.

The area development managers, who are spread across the country, were told of the consultation process in a conference call on Friday.

MM has learnt more jobs are also under threat following Bluefin’s  announcement in September that it is restructuring its private client operation to focus on a fee-based model designed to align the firm further with the RDR

The strategic review of the private client business is being led by Suvan de Soysa, who joined as managing director in July.

A Bluefin spokeswoman says: “Bluefin Advisory Services has been speaking about transitioning its business to an RDR-oriented model for many months and has been one of the most vocal supporters of higher transparency and professionalism in the market.
 
“As part of this, Bluefin Advisory Services announced a restructure of the private client business on September 29, 2009. The implementation of this process is ongoing, and it would be premature to make further comments at this stage.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. “One of the most vocal supporters of higher transparency and professionalism in the market.” What a joke! It’s a shame that so many people are losing their jobs due to the failure of the Enterprise project. This project was run by a team of greedy individuals all hoping to make a quick buck under the LTIP and didn’t care about the long-term benefits to the business.It’s their heads that should roll.

  2. I am assuming anon of 10.24am was a previous Bluefin/Thinc memeber when he talks about LTIP.

    It seems strange that Bluefin are carrying out such stringent cuts to members/staff when the long term payments are due in Dec 2009.

    The longer you are in this industry the more you realise that you should never trust anyone in this industry who tells you that you will get a large cash/ share incentive in a few years.

  3. This has little to do with Bluefin opting for an RDR-oriented model and certainly nothing to do with higher transparency and professionalism in the market. Its all about cutting costs in light of the 41 million loss that they have aquired. People are being axed and replaced by those that are desperate for employment in the current economic crisis and prepared to work for a lower salary than their predecessors. What happens to Bluefin clients that are not in a position to pay the minimum fees that Bluefin intend to impose? TCF?

  4. Sandy – I was and I still am. My company was bought by Thinc and we were strongly encouraged not to jump ship on the strength of the LTIP. In theory, I guess I am still part of this scheme but it all went quiet a long time ago.Totally agree that you should never trust anyone in the IFA consolidation business, but it was out of my hands. Now for my loyalty I’m at risk of redundancy.

  5. This has little to do with Bluefin Advisory Services transitioning its business to an RDR-oriented model or higher transparency and professionalism in the market. Its more to do with cutting costs in light of the 41 million loss they announced in September. Get rid of advisors, shut down offices and replace high salaried advisors/employees with those that are prepared to do the same job for less as a result of our current economic crisis. What happens to the Bluefin clients that dont fit the WM model? TCF!

  6. I admire the irony of the first comment, these managers have enjoyed generous salaries for doing nothing and when faced with delivering a change program have neither the backbone or management skills to lead their team through it. My advice to anyone reading this who wants a business beyond RDR is not to employer any of them

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