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Skandia cuts 20 roles in adviser sales team restructure

Skandia 480

Skandia has cut its adviser sales team from 100 to 80 as part of a restructure.

The firm, which is part of Old Mutual Wealth, says the restructure will see the sales division divided into two new roles; wealth management consultants and development consultants.

Skandia says the wealth management consultants will work with advisers to identify areas to grow the business. The team will focus on fund management, investment solutions, retirement planning and protection.

The development consultants will offer adviser ongoing account support on a day-to-day basis.

Steve Powell was recently confirmed as the new sales director for the UK, reporting to managing director for the UK Peter Mann.

Head of sales for the South Nick Jones and head of sales for the North Gary Stirrup will report to Powell, who will also head up a strategic sales team and a specialist sales team, with Nigel Jefferies appointed head of strategic relationships.

Powell says: “The new 80 strong sales team will be nimbler and more effective, with a strong leadership team.”

Last week, Skandia appointed Old Mutual Global Investors director of investments James Millard as director of investments for a new investment solutions team that will be involved in the creation and management of its Select fund range, due to launch next year.

Hargreaves Lansdown head of research Mark Dampier says: “James is more or less continuing what he was doing when Skandia was a separate entity.”

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