View more on these topics

Personal Touch to axe 12 per cent of its workforce

Max Wright PTFS 480

Personal Touch Financial Services is axing 12 per cent of its workforce in a bid to cut costs by around £1.5m.

The network placed 80 of its 180-strong workforce into consultation this week. There will be 22 job cuts in total, spread across all departments.

Staff were briefed on Monday and individual consultations will start in the next few days.

The cuts come as part of a restructure of the business, known internally as the Vision 2013 strategy, in which some departments could merge.

Chief executive Max Wright (pictured) says: “The realignment of the business means that some staff will be placed at risk. This does not mean they will all be made redundant. In total we will lose only 22 roles, as staff will be re-deployed into the new divisions within the revised structure.”

PTFS’s 2011 accounts were filed on 14 September and show total staff costs, which includes the salaries of directors, social security and pension contributions, increased 27 per cent from £4.9m in 2010 to £6.4m in 2011.

Total salary and wages for PTFS directors grew from £750,239 in 2010 to £839,823 in 2011 and the highest paid director received £209,674, up from £188,035 in 2010.

The accounts show pre-tax profit fell from £2.3m in 2010 to £1.2m in 2011.

PTFS claims it has cut staff costs by 25 per cent after former chief executive Doug Crawford, sales and marketing director Dev Malle, director of IFA services John Ruddick and head of sales development Andy Walton left the business.

Emba group sales and marketing director Mike Fitzgerald says: “It is never nice to hear about people losing their jobs but it is a difficult market out there and networks are being forced to cut costs.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. I see Donald still there, he must have more lives than a cat.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com