Skandia axes 20% of sales force

Skandia has cut 20 of its 100-strong sales force as it restructures its financial adviser sales team ahead of the RDR.

Investment Week revealed in October that the platform's sales staff were in consultation over job cuts, after Old Mutual Wealth revealed there would be 200 jobs lost across the business. The sales restructure will see the creation of two new types of role: wealth management consultants and development consultants. The former will work with advisers "to identify opportunities to grow their business", with the latter providing ongoing account support on a day-to-day basis. The group has named Nick Jones as head of sales for the South, with Gary Stirrup head of sales for the North. Bo...