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Nationwide slashes financial planning team

Nationwide is cutting its financial planning team from 430 to 300, as it plans to roll out an online investment advice service later this year.

The cuts to the financial planning team include 16 area managers, taking the total from 56 to 40. 

Two out of six regional directors will also be leaving as part of the restructure. The changes take effect from May.

A Nationwide spokesman says: “We are refocusing our efforts to match the size of our network to the demand we see in the market. We remain committed to offering trusted advice and our customers will continue to be able to access this through all of our branches across the country.

“They will also benefit from a new online investment proposition, which will be launched later this year.”

The building society says the online investment service will exist alongside its face-to-face advice service in branches, though declined to give any more detail

Last June Nationwide launched its regular premium investment advice service after delays to introducing its RDR-ready proposition which meant it could only advise on lump sum investments.

The building society operates a single-tied investment advice through Legal & General. 

Earlier this month Nationwide pledged to pay customers £250 if the building society’s annuity shopping around service is unable to offer them a better deal than their existing provider.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. How long will it be before they find that it will not pay

  2. Personally I am surprised that they are retaining so many people on the advice side. I would imagine that the majority of customers at Nationwide will be investing comparatively modest amounts, such as S&S ISA’s, maybe a £50K bond.

    RDR means that’s not very profitable at best, and the risk of getting it wrong for a big player like Nationwide is huge.

    Much better for them for those people to go online and make their own decisions. If they get it wrong it’s not Nationwide’s fault and I have a suspicion that the lower charges offered will make this business far more profitable.

    If you can’t decide what to do for yourself, that’s just tough. That’s the way things will be done in the new FCA, FOS and FSCS world.

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