Two new types of role have been created : “wealth management consultant” and "development consultant". In the first case, such people will work with advisors to identify opportunities to grow their business. In the second role, such a person gives advisors account support on a day-to-day basis.

Meanwhile, Steve Powell was confirmed as the new sales director for the UK, reporting into Peter Mann, managing director for the UK. Reporting into Powell will be Nick Jones, head of sales for the South and Gary Stirrup, head of sales for the North. Powell will also head up a strategic sales team and specialist sales team, with Nigel Jefferies being appointed to the role of head of strategic relationships.

The appointments are internal, a spokesperson for Skandia told WealthBriefing.

“The new 80 strong sales team will be nimbler and more effective, with a strong leadership team,” Powell said.

Earlier this month, Skandia UK said it had created a new investment solutions team and appointed James Millard as director of investments to lead the unit. Skandia UK had £34 billion of funds under management . The firm is part of the wealth management business of Old Mutual, with a total of £261 billion of funds under management.