Perpetual sheds staff from advisory arm

wealth management division advisers

31 July 2003
| By Ben Abbott |

PERPETUAL Personal Financial Services, the wealth management division ofPerpetual Trustees, has retrenched 51 staff, including a small number of advisers, in what it says is an ongoing attempt to streamline and increase the efficiency of its business.

Up to four advisers from within the division will be retrenched, with a total of 70 positions being phased out, including the redundancies, some contract positions and some existing vacancies.

As well as the advisers, most of the staff being shed are administration and support staff for the wealth management division, the rest of the numbers made up of regional and some senior management staff.

Personal Financial Services group executive Rohan Mead says the redundancies are the result of a continued process of restructuring going on since a wealth management review undertaken by Perpetual Trustees two years ago.

Mead says the review, which resulted in the creation of Personal Financial Services, involved the combination of a number of businesses, some of which were acquired, that needed integration in areas including administration and operations.

Mead has not ruled out continued efforts at integration within the business.

“Organisational efficiency is a constant journey — it doesn’t stop on any one day or start on any one day. But at this stage, I can’t see there being any further streamlining,” Mead says.

The redundancies come after the announcement of the departure of Perpetual Trustees managing director Graham Bradley, who is leaving after eight years in the position.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 6 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 12 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days 9 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 12 hours ago