Jelf Group cut adviser numbers in its financial planning arm from 31 to 25 in the six months to March 2012.
The firm’s half yearly accounts also reveal a £274,000 operating loss for the period for the financial planning arm, compared to a £147,000 loss the previous year.
A statement in the firm’s accounts says the number of advisers has been reduced as it looking to reposition the advice it provides to clients.
The financial planning arm saw a 10 per cent reduction in revenues from £3.9m in 2011 to £3.5m in 2012 while it also saw earnings before interest, taxes, depreciation and amortisation fall from a £100,000 profit in 2011 to a £13,000 loss in 2012.
The firm’s accounts say: “The group’s chartered financial planning business is going through a period of considerable change ahead of the RDR. The number of advisers has been reduced by management as we re-position the advice that we provide to clients. All advisers who remain are, or will be, qualified for the new regime.”
Of the firm’s 25 advisers, 21 are fully QCF level four qualified with the remaining four expected to attain level four status by January 1, 2013.
Jelf currently has around £483m funds with wraps and discretionary fund managers and a further £500m assets under advice off-platform.