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Skandia cuts 20 roles in adviser sales team restructure

Skandia 440

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 types of role; 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 into Peter Mann, managing director for the UK

Head of sales for the South; Nick Jones, and a 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 being appointed to the role of Head of Strategic Relationships.

In October, Skandia UK announced that three senior sales managers were leaving the business; area sales manager for the South East Lee Keeper, area sales manager for the Midlands Nick Webb and area sales manager for the North Mike Steggles.

A spokesman for Skandia confirmed that a consultation process has begun for those who have lost their roles in the restructure.

Skandia UK sales director Steve Powell says: “The new 80 strong sales team will be nimbler and more effective, with a strong leadership team. Advisers will continue to receive dedicated, specialist support, and we are confident this new approach will provide unrivalled adviser support, something we will continue to be renowned for. “


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Retail distribution reduction

  2. More FSA sponsored job losses. You can’t help but feel sorry for the individuals and their families…unless, of course you are the FSA.

    Nice that they’ve announced it just before Christmas; its a bit like Scrooge and Bob Cratchett.

  3. Very unfortunate for these people and their families…

    Sadly I expect more of this from Skandia, there’s no way the figures they published last month will stack up over the next few years – Sinking ship in a competitive market place with miniscule margins, were it not for their FUM they would be on their way out

  4. This is complete bull***t. And Skandia under their new masters are being very economical with the truth. (I shall resist the temptation to call then liars – for now).

    Skandia was a very successful and profitable business before Old Mutual came on the scene. This is not debatable – it is a fact. That Old Mutual has a record of being inapt when it comes to the takeovers they have made is another fact.

    The economy with the truth lies in the fact that when the refer to their platform they are no doubt referring to the Investment Solutions platform – which was the old Selestia (yes, you guessed it Old Mutual) platform. This was always a dog’s breakfast and needed practically constant work to get it half way useable – even pre RDR. Over the last year or so it has needed even more work to get it ready for RDR. So not surprising that it ain’t exactly ‘in the money’.

    However the original Skandia platform (which Old Mutualites refer to as Skandia Life) still remains profitable I would guess and is likely to remain so. This was (and maybe still is) the Jewel in the Crown of their balance sheet. Funny therefore that they should ignore it in these statements. Perhaps they are merely trying to justify turfing perfectly good people out of their jobs so that the OM board can eventually point to how clever they have been in making a loss making firm profitable and thereby ignoring history and the old platform.

    Doubtless they will be congratulating themselves over their Christmas brandies while the 20% who have been told to pack their bags will be looking forward to a pretty miserable Yuletide.

    Remember that in fact Skandia was the very first platform to appear in the UK in the Bradshaw days.
    Those of you who may recall my critical post re Old Mutual/Skandia in the past now have a perfect illustration of why I have been griping.

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