Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a654665
AXA Wealth cuts 30 jobs from sales team
by Jun Merrett on Jan 30, 2013 at 08:10
AXA Wealth is cutting 30 jobs from its sales division in a move it said was prompted by the restructure of the business.
AXA Wealth employees were informed of the life company’s decision to cut 10 sales team members and 20 sales support staff members from its 250-strong sales division this week.
Marketing director Tom Wilkinson is also set to leave the company, which said it was examining a new role for head of specialist support Gary Thomson. AXA Wealth said these changes did not relate to the cuts.
An AXA Wealth spokesman said the cuts had been prompted by the restructure of the business following the sale of part of its life business to Resolution, the retail distribution review (RDR), and the growth of the Elevate platform.
‘Those three things have resulted in the requirement for fewer jobs going forward,' he said. ‘As the business develops, a small number of frontline sales roles will be lost (we expect this to be a circa 10 net reduction) with a further 20 sales support roles, as we focus on the opportunities of the post-RDR world. We will actively look at reducing the number of redundant roles as far as we can through non replacement of leavers, redeployment and reskilling wherever possible. This still leaves AXA Wealth with one of the largest sales teams in the market.’
AXA Wealth will also create five new roles for tax wrapper specialists in its sales team to support advisers operating off-platform.
The company underwent a restructure in January 2012 which put 50 jobs of its then 300-strong sales team at risk and halved its regional managers from nine to five.
News sponsored by:
Today's top headlines
Challenged by growing risk aversion?
Challenging financial markets over recent years have resulted in growing risk aversion among British savers and led many to seek safety in cash. Click here for more.
More about this article:
More from us
- AXA Elevate slashes wrap prices in bid to win platform war
- AXA to segment IFA clients and puts over 50 jobs at risk
by Himanshu Singh on Dec 08, 2013 at 05:41