Murphy, who has been with the firm for 11 years, was made redundant following a strategic review.
His remit was to look after Lutine’s IFA business division and its sales team.
Lutine managing director Jon Clarke says the move was part of the firm’s plans to focus on a technology-driven IFA force, now headed by business development manager Marc Osman.
Clarke says: “We have chosen to effectively combine two roles into one and unfortunately Shaun’s position was the one ultimately made redundant. There are no plans to make any changes to the current sales team.”