Sanlam UK is set re-launch its regional office in Marlow, Buckinghamshire.
It will initially deliver financial planning and wealth management services to existing private clients in the region, for whom the firm already looks after in excess of £150m of funds under influence, while also looking to grow its footprint through 2016 and beyond.
The office will also provide employee benefits and auto-enrolment advice to a growing book of corporate clients and give support, service and guidance to the legal and accounting community.
Having fallen from 20 staff to just one since the site was bought as part of an acquisition of Merchant Securities late in 2011, the office will now be populated by three Sanlam Wealth Planners and two discretionary fund managers, all supported by customer facing administrative support.
Paraplanning support to the wealth planners will be delivered by the centralised team in Bristol, following Sanlam’s revised operational model.
The office will serve as a regional hub, supporting Sanlam’s effort to grow its profile in the Thames Valley area.
The firm is looking to recruit appropriately qualified financial advisers to join its wealth planning team with immediate effect.
Alex Morley, chief executive of Sanlam Wealth Planning, said 2016 will see the launch of a new era for Sanlam in the UK.
“We have been building our presence steadily in the Thames Valley over the last couple of years and our revitalised presence in Marlow will strengthen that further. It is an area where we plan to grow dynamically – both through the recruitment of financial advisers to our wealth planning team and through the attraction of new clients.”
Sanlam confirmed that there will be further announcements on Sanlam’s regional offices in due course, responding to questions about the future of outposts in Rhyl and Worcester.
A statement in October revealed that as part of an “ongoing, holistic plan to review the shape of its business”, Sanlam was reviewing its structure, with the objective of increasing operational efficiency and the consistency of customer experience.
At that point, Mr Morley commented: “We must review our structure, our processes and our systems to deliver the highest levels of service to our customers and our wealth planners.”
At the end of 2014, the firm was forced to defend its acquisitions and subsequent restructuring, which saw swathes of advisers cut. Official documents confirmed that adviser numbers dropped from 93 to 81, with most coming from the Rhyl and the North West offices, following a shake-up.
peter.walker@ft.com
