PTFS employs around 180 staff who where given briefings from PTFS directors this morning. Individual consultations will take place throughout the course of the next few days.
The network has already made a 25% cost reduction at board level.
Max Wright, chief executive, Personal Touch Financial Services, said: “Following the launch of our Vision 2013 strategy in July this year we are now implementing the strategic realignment of the business which is designed to achieve a cost saving of £1.5m.
“We have restructured the board of directors and achieved a 25% cost saving. We have also made significant efficiencies across the whole business and now we have to match our resources to our vision.
“The realignment of the business means that some staff will be placed at risk. This does not mean that they will all be made redundant; in total we will lose only 22 roles, as staff will be re-deployed into the new divisions within the revised structure.”
PTFS has some 1,500 advisers and members have today been contacted by phone and email to advise them of the process.
Wright added: “They will continue to receive the high levels of support which we strive to maintain at all times.”
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