Staff axed in dot shake-up

Dot financial services revealed last week it has let go a small number of employed advisers as it switches to a self-employed business model.

The brokerage says that out of its remaining employees, 75% have been converted into self-employed directly authorised brokers, with the other 25% remaining as employed appointed representatives.

The firm comes under the umbrella of property group Badger Holdings, which owns estate agents Townsends and Regents.

The self-employed brokers will remain office-based and will still have access to the company’s compliance system.

Andy Cuthbert, managing director of dot, says: “Due to market conditions we have reviewed our plans and made the changes to allow our brokers to go self-employed. This supports those in our team who generate higher than average business levels.

“Our top advisers have taken on the challenge as they know they can make more money but we have also maintained a small number of positions for employed staff. We are recruiting to increase the number of self-employed brokers to provide greater coverage throughout the group.”

The company says an undisclosed number of brokers who couldn’t be placed elsewhere in the business have lost their jobs.

Cuthbert adds: “The brokers I have worked with have adopted the attitude of generating income for their own business. In effect, they’ve been writing their own pay cheques.

“Moving to a self-employed model enables us to give better rewards to those who can prove themselves by generating healthy business levels.”