Brewin Dolphin has closed three of its regional offices and has refused to rule out making redundancies.
The three offices that have closed – Inverness, Hereford and Teeside – will be merged into Aberdeen, Cheltenham and Newcastle respectively.
Though the firm anticipates no further closures in terms of its regional network, the firm admits it is “too early to say” regarding redundancies. It is putting in place a process to offer redployment elsewhere in the business.
Brewin Dolphin head of corporate affairs Charlotte Black says: “While we recognise this is sad news for Inverness, Hereford and Teesside, we are continually reviewing how we conduct business to ensure our clients receive the best possible service.
“We are confident all our clients will be very well served from other larger offices in the group and that we will continue to grow our important and highly valued business in all these areas.”
Evolve Financial Planning director Jason Witcombe says he understands the logic behind Brewin’s decision but says Brewin may lose some clients as a result.
Witcombe says: “At the end of the day, every business has to remain profitable or it will not be able to service its clients at all. It is important this change is communicated effectively.”
Brewin Dolphin announced earlier this month it had hired John Beale as regional training and competency manager. Beale, former training and competency manager at Pi Financial, will join Brewing Dolphin in December.