InvestmentsMay 28 2013

Fidelity: Sales restructure will boost adviser-facing team

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Fidelity has said its forthcoming sales team restructure is likely to increase its numbers of adviser-facing staff.

The comments came late last week after it had earlier been reported the group would be restructuring its sales team and that some adviser-facing roles would be lost.

“The proposed changes are likely to increase our adviser facing team as part of our growth strategy,” a spokesperson for the company said.

“We will provide more information as soon as we can.”

The group earlier said it was reviewing the structure of its sales team because of the impact the RDR had had on the intermediary industry.

The restructure is expected to include a reduction in the number of regional sale offices.

“In response to the changing landscape as a result of the Retail Distribution Review we are currently reviewing the structure of Fidelity’s retail sales team to best meet the needs of advisers”, a Fidelity spokesperson said.

“Under these changes the team is expected to grow, although some roles may no longer exist.”

Elsewhere, the company’s platform FundsNetwork announced it would have 95 per cent of current platform assets covered by clean share classes by the end of June.

The platform said the move was in response to the recent FCA platform paper and demand from advisers for clean fee share classes.