Sanlam Wealth Planning is conducting a “review of its organisational design” with regional offices in Rhyl and Worcester potentially under threat.
A statement from the financial planning arm of Sanlam UK read that as part of an “ongoing, holistic plan to review the shape of its business”, it will immediately enter into a review with the objective to increase operational efficiency and improve consistency in customer experience.
Alex Morley, chief executive of Sanlam Wealth Planning, said that over the last seven years, the firm’s history in the UK has been one of acquisition and amalgamation.
“We must review our structure, our processes and our systems to deliver the highest levels of service to our customers and our wealth planners.
“Centralisation of support services in Bristol, a recognised centre of financial services, is therefore the obvious ‘next step’ in our evolution and will provide a platform for sustainable and dynamic growth.
“However, we must look at this empathetically, retaining talent and maintaining our profile, presence and reputation across our footprint.”
The review will focus on a proposal that customer service and business support functions be centralised in Bristol. Regional offices will be retained across the Sanlam footprint to ensure “appropriate support” is available to both customers and the growing team of advisers.
The proposal to centralise support functions is subject to employee consultation, with the statement adding that no decisions have been made with regards to redundancies and office closures.
There was no further comment on the possibility of job cuts and the prospects for advisers based in regional offices.
At the start of June, Sanlam UK purchased Caerus Portfolio Management, outsourcing all investment management activities to Sanlam Four on completion.
The following month’s annual results statement showed that the group returned to profit due to the £10m sale of the group’s stake in Intrinsic Financial Services.
peter.walker@ft.com
