Canaccord Financial, the Toronto-listed investment firm which recently expanded its wealth management footprint in Europe elsewhere, has shut down several of its wealth management branches to focus more on its core operations across Canada.

Sixteen underperforming branches were closed, as part of a consolidation effort that will allow the company to better service private clients and concentrate support into key markets. Following the move, Canaccord is left with 16 wealth management branches across 14 cities in Canada.

The number of advisors at the core offices will also be reduced by around 35 advisory teams. The firm will then have around 180 advisory teams once the initiative is completed. There will be no changes to the service and product offerings under the Canaccord Wealth Management business.

In 30 June 2012, the wealth division recorded C$13.1 billion ($133 billion) in client assets under administration. Of this, 16 per cent was accounted for by the 16 branches scheduled to close. The 16 that remain open account for 84 per cent.

Charges related to the consolidation are expected to total approximately C$11.5 million and will be reflected in Canaccord's fiscal second quarter. These charges include severance and other charges related to the closing of offices.

Canaccord Wealth Management specializes in wealth, tax, estate and charitable planning services for professionals, entrepreneurs, affluent investors and family trusts. Its parent firm, Canaccord Financial, has offices in 12 countries worldwide.

A week ago, Canaccord entered an agreement to acquire the wealth management business of Eden Financial, the UK private client investment management business so as to expand its UK wealth management platform: Collins Stewart Wealth Management.