London-based Financial Planning firm Saunderson House is to cut about 25 jobs as the pandemic forces the firm to cut costs.
The company confirmed today that a number of jobs would go but declined to comment on the number.
Financial Planning Today understands that about 25 or 26 roles will be axed and some may be younger staff and planners early in their careers. Some admin staff will also go.
Saunderson House is owned by private equity firm and James Hay-parent Epiris which is currently bidding for the Nucleus platform.
In a statement today to Financial Planning Today Saunderson House said: “The Covid-19 pandemic is causing difficulties and challenges to individuals and businesses across the country. Whilst Saunderson House is a strong business with incredibly loyal and engaged staff and clients it is not immune to these challenges.
“Considering the wider economic situation, we recently conducted a detailed review of our organisational structures and cost base to ensure that the business is appropriately sized and resourced to support our clients, both now and in the future. We have concluded that, unfortunately, we need to make a number of redundancies. These changes are being made in the long-term interests of both the business and our clients.
“In the face of these challenges, our priority is to look after our people and ensure that we continue to deliver an outstanding, highly personal level of service to our clients.”
A number of wealth management firms have shed staff in recent months, including St James’s Place which announced it was to chop 200 roles. Fund manager Jupiter also announced it was set to make up to 90 staff redundant.
Epiris acquired IFG Group, owner of Saunderson House and platform and SIPP provider James Hay, in 2019 in a £206m deal. IFG Group plc was acquired by SaintMichelCo Limited, a wholly-owned subsidiary of Epiris.
Saunderson House was founded in 1968 and is a Corporate Chartered Financial Planner. Clients include high-net worth individuals, charities and trusts. Many of its advisers are Chartered Financial Planners or aiming for this status. Other staff are also members of the CFA members or the CISI.