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Fidelity to restructure adviser sales team

Fidelity Worldwide Investment is carrying out a review of its retail sales team ahead of a restructure.

A spokeswoman for Fidelity says as part of the restructure some roles in the retail sales team may no longer exist but that ultimately the size of the team is expected to grow.

She says: “In response to the changing landscape as a result of the RDR, we are currently reviewing the structure of the Fidelity’s retail sales team to best meet the needs of advisers. No further details are available at this time.”

The restructure comes two months after former RSA Group distribution director Russell Lancaster joined Fidelity as UK retail sales director. Lancaster also spent 12 years working at Cofunds, most recently as head of commercial and key accounts.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. I find it amazing that firms are badging up restructures as ‘a result of RDR’! If it had not been RDR they would have found another ‘scapegoat’ to use to justify getting rid of staff!

    Whilst I don’t doubt that there is a need to review resources in the UK lets not all pretend its all RDR driven.

  2. Sadly I think it has everything to do with RDR, maybe not directly, but certainly one of a long list of un-intended consequences it has caused.

  3. Stephen Rowland 20th May 2013 at 10:34 am

    The trouble is – IT REALLY IS THE FAULT OF RDR!

    There is no getting away from it – that Financial Services is shrinking dramatically & so obviously staff & jobs have to correspondingly shrink as well!

    It’s not rocket science really is it – less demand = less staff – SIMPLES!

    It’s a bit like Dentist & Eye TESTS – clients will only really go generally (if not that well off financially) if they really HAVE TOO!

    That is the problem with Financial Advice – nice if you can now afford it – BUT – you don’t have to have it even if it is detrimental in the long run (& not really appreciated) at the time!

    It’s only after usually a very long time ie pensions/ savings that clients will find they really should have done some financial planning – but by the time they realise – its too late!

    After all – you have to bake a cake – before you put the icing on it! The trouble is – too many clients now with RDR are not baking the cake !

  4. It’s partly the result f a decline in products and the move to platforms ,but RDR has massively accelerated the the loss of provider jobs as IFA’s have less need to deal with the traditional companies who at one time dominated financial advice.The margins for these companies are now so small (also driven by RDR) that they cannot afford large sales forces or justify the layers of (non productive) managers.Those consultants that remain have to offer expertise in their field and more than just a product,IFA ‘s still need help in specialist areas.

  5. @PaulB – Well if IFA’s still need help in specialist areas, surely the last place that they should be looking for it in a post RDR world is provider consultants. I was a provider consultant for a number of years (until the axeman came!) and provided a lot of technical support to advisers. BUT the only reason that you would do that was on the understanding that you got the business. I would imagine that the FCA would look negatively on that type of thing now?

    Perhaps the answer would be to pay a technical specialist for the training, develop your own understanding of that area through CPD or perhaps not offer advice on areas where you aren’t competent?

    Brave new world and all that, although I do miss the company credit card and 3 series…

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