The firm, which will wind down its network for investment advisers from the end of April, proposed to close the adviser training programme for new entrants, which includes mortgage advisers, as part of the process.
It will continue to support its existing students, but will no longer recruit new people into the school as it will not be able to offer them a home in wealth firms within the network, Sesame Bankhall Group managing director Stephen Gazard wrote in an adviser update on 20 April.
Sesame told advisers in March an ongoing strategic review into the business by parent company Friends Life had concluded it is to wind down its network for investment advisers.
The move came in the wake of a takeover bid of parent company Friends Life by rival insurer Aviva.
Gazard said in his letter the firm is now consulting with affected advisers on “changes to the way we organise ourselves”.
He said he hopes to be able to shift staff and resources to other areas within the business, depending on how many advisers decide to become directly authorised with sister company Bankhall or move to an as yet undisclosed ‘specialist partner’.
In its latest update on 8 April Sesame pledged it will offer those advisers a benefits package including covering their regulatory fees and trail commission arrangements.
The network normally freezes firms’ commission accounts for three months when they exit but said it will offer uninterrupted income to those opting to become directly authorised within Bankhall or join its ‘preferred partner’.
Sesame plans to announce details of the offer and other transition arrangement on 24 April.
