Tilney Bestinvest is to potentially make 23 redundancies as it conducts a review of its execution-only business.
The job losses will come as it considers moving its telephone support team for its online services from London to Liverpool.
It currently has 23 affected staff in non-advisory positions and said it would begin a collective consultation on the move. It said it hoped to minimise the number of redundancies post-consultation.
The changes will take place in a transitional period in the six months to April 2016, which the firm said would create a “smooth migration”.
Tilney also said no plans were yet confirmed, and the operating review would be completed in due course.
The advisory firm is one of many to have also vertically integrated into the more lucrative multi-manager and multi-asset portfolio management business.
