Sanlam UK is considering closing two offices and making up to 100 staff redundant as part of a strategic review of its financial advice arm.
Money Marketing understands Sanlam Wealth Planning has placed its Rhyl and Worcester offices under review.
The business is looking to centralise its customer service and business support functions in its head office in Bristol.
There are around 100 staff in the Rhyl and Worcester offices, the majority of whom are support staff and paraplanners.
A number of advisers also work in these regional offices and could be forced to move to Bristol.
Sanlam confirmed it is carrying out an organisational review which will look at centralising customer service and business support in Bristol.
It says this is subject to employee consultation and no decisions have been made on redundancies or office closures.
Sanlam Wealth Planning chief executive Alex Morley says: “We must review our structure, our processes and our systems to deliver the highest levels of service to our customers and our wealth planners.
“Centralisation of support services in Bristol, a recognised centre of financial services, is therefore the obvious next step in our evolution and will provide a platform for sustainable and dynamic growth.
“However, we must look at this empathetically, retaining talent and maintaining our profile, presence and reputation across our footprint.”