Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

AXA Wealth cuts 30 jobs from sales team

AXA Wealth cuts 30 jobs from sales team

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Play Dangerous daisy chains, Black Friday blues and Uber valuations

Dangerous daisy chains, Black Friday blues and Uber valuations

This week’s Investment Pulse looks at the domino effect in European banks, America’s disappointing Black Friday and how much Uber is really worth.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter