Managing director Peter Cave said the business had been through significant restructuring over the past 18 months and the next phase of that would see Jon O’Connor leave his role.

Lifetime wanted to focus on the team in Christchurch and centralise the senior management team there to be geared up for the future, he said.

O’Connor is based in Tauranga.

O’Connor said he would finish up in his role on June 30 and he was still deciding what his next step would be. He is to be replaced by Aaron Bowkett, who is currently with Apex Advice.

Sarah Fawcett will also join Lifetime as its chief financial officer.

Cave said the shift to level one would mean a return to business as usual for Lifetime.

He said, while new business numbers were down, business was ticking over and activity was expected to pick up again. Lifetime was focusing on regrouping, refocusing and preparing to get back in front of clients in full strength from July, he said.

Lifetime in its current structure was the result of the merger of Camelot – headed by Cave, and Lifetime – headed by O’Connor.

At the time the two joined forces, the combined entity had a team of 165 people across 16 offices around the country, including 100 advisers. At that point, it said adviser numbers were expected to grow significantly over the next two years.

But in the year-and-a-half since, several advisers – including high-profile names, have departed the new organisation.

Peter Cave, managing director, said the strategy adopted after the merger was to pursue an employee model, to best position the group for the new licensing regime.

Lifetime had had an independent-contractor model before that.

“We also implemented our ‘advice for life’ client engagement philosophy during the same period.

“The objective was to position the adviser team for the future and invite those that wanted to come on the journey, to adopt the changes.”

But he said the net result had been the loss of some advisers.

“We have experienced just over 20% reduction in our adviser team over 12 months, made up of those we didn’t offer contracts to; those that left with their clients to set up their own businesses; and those that either retired or left the industry.”

He said dividends were still being paid to shareholders in the business, including its advisers, despite money being reinvested into it. It was still very profitable, he said.

Paul Stolworthy is one adviser who has left. He said he moved on at the beginning of the year and is now part of Apex Advice.

He said the shift to employment contracts had been behind his decision to move. “That had a lot to do with it.”