The strategy will leave the firm with 16 branches in “core” locations, covering 14 cities in Canada. As well as the branch closures, the firm is laying off 35 advisory teams at the remaining branches. This will leave around 180 advisory teams. The firm said that, at June 30, the branches it is closing accounted for just 16 per cent of the $13.1 billion client assets administered at the Canadian division.

"This initiative will allow us to make additional investments in markets where we see the most opportunity for future growth," said John Rothwell, president of Canaccord Wealth Management (Canada). "We can better cater to the needs of our clients through an elite team of investment advisors who have demonstrated their abilities to generate meaningful value for our clients, foster long-term client relationships and an enhanced client experience."

“After these branch reductions, it is expected Canaccord Wealth Management will operate on a near break-even basis in current market conditions. All branches remaining open have the capabilities to be consistently profitable and Canaccord is committed to their continued success and growth,” the firm said.

Meanwhile, as reported today here, the firm is acquiring another business in the UK to add to its wealth platform there.

In Canada, charges related to the consolidation are estimated at $11.5 million, due to appear in the firm's fiscal second quarter results. Charges related to growth at the UK business are estimated at $5.2 million, due to appear in the fiscal third quarter.