The reductions were made in the sales force devoted to its private client group, a retail line sold through financial planners to high-net-worth individuals.
In addition to reacting to market pressures, the move is part of an effort by Phoenix to devote more attention to wirehouse sales and managed accounts products, according to the representative.
The eliminated positions include seven external wholesalers, five internal wholesalers, and four administrative and marketing staff, the representative said. The cuts were made in the Hartford, CT and New York City offices and represent less than 3% of the entire organization. Phoenix does not anticipate announcing any further layoffs this year.
