A meeting took place in Newcastle on 28 June when the seven members of staff were informed of the decision and told they must work their 30-day-at-risk notice.
A statement from the company said: “As part of the continued plans to grow the Wealth Management offering within Bluefin Advisory Services, it has been decided to move the BWM Newcastle operation to the Corporate Consulting offices in Harrogate.
“BWM’s client offering is particularly focused on the executive, at-retirement and post-retirement market. This move will enable our teams in the North East to work more closely together and provide a joined up approach to the financial needs of our clients.”
The firm was launched in January 2009 by AXA and is the independent distribution operation for AXA in the UK.
Its creation brought together the advisory businesses of Thinc Group, PIFC, EB Consultants, Orbit Benefits and SBJ Benefit Consultants.
It employs 2,500 people in over 65 UK offices, offering services in financial advice, wealth management and corporate consultancy.