Skandia hires wealth management consultants in sales revamp

Skandia is introducing a layer of 'wealth management consultants' as it shakes up its support for financial advisers.

Using feedback from focus groups with advisers, Skandia, part of Old Mutual Wealth, has decided to introduce a raft of new consultants as it alters the structure of its sales force.

While roughly 20 jobs will go in the move, Skandia said its wealth management consultants will work with advisers to identify opportunities to grow their business and bring in with them expertise in fund management.  They will be introduced alongside 'development consultants', who will provide advisers with ongoing account support.

Steve Powell, Skandia's recently appointed UK sales director, said: the firm's new 80-strong sales team would be 'nimbler' and more effective.

'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,' he added.