CompaniesNov 24 2015

Old Mutual to double adviser support team

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Old Mutual to double adviser support team

Old Mutual Wealth is set to double the size of its office-based adviser consultant team, in response to increased demand since the pension freedoms.

Speaking to FTAdviser, the firm’s managing director of UK distribution Scott Goodsir said that this year has seen a wider review of distribution strategy and staffing.

Having joined from BNY Mellon 18 months ago, he has been behind a recruitment drive at OM Wealth, with the latest proposals being to increase the adviser support team from eight to 16.

“There’s been a lack of face to face technical support across pensions, protection and trusts, which have all been at the top of the agenda for advisers since April,” said Mr Goodsir.

The firm has already recruited 75 new staff in its Southampton office to man the phone lines, which have levelled out since the first few weeks after 6 April, but are still a lot higher than previously.

“It was hard to find so many people in the area and train them all up so quickly, but they’re all in place now,” he added.

Sticking on the telephone side, a review of adviser tele-sales has meant the existing 10 person team will also be doubled to 20 by the start of next year.

Mr Goodsir said increasing numbers on the pension specialist sales teams reflect just how much new business there has been for advisers since the at-retirement reforms.

“There has never been a better time to be an adviser. There is a huge amount of work out there but that also means they need some help, which is where we come in.”

peter.walker@ft.com