British wealth manager Brooks Macdonald has unveiled plans to slash 50 jobs in order to improve margins in the medium term and drive future growth.

The move, which is subject to consultation, will mainly impact administration and IT functions.

The changes are expected to have a one-off cost of £3m, which the firm will exclude from its reported underlying profit.

Through the move, the firm anticipates £4m in annualised cost savings.

The wealth manager said that the headcount reduction will enable it to respond to changing preferences of clients and advisers and make it easier for advisers to conduct business with the firm.

Brooks Macdonald CEO Caroline Connellan said: “As part of the next phase of our strategy, as outlined at our annual results, we are focussed on driving medium term margin improvement as well as making Brooks Macdonald easier to deal with for both clients and advisers.

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“The changes we are announcing will make us more responsive to changing client and adviser needs, and help deliver greater value from our future growth.”

Furthermore, the firm revealed that it has identified opportunities to remove duplication from core processes. These include centralising client account opening as well as client reporting.

Brooks Macdonald has recently expanded in the UK to include an East Anglia office, opened last year, and a Wales office, launched in 2017. It is understood these and other Brooks Macdonald offices will remain operating as normal after the job cuts.