The Globe and Mail reports in its Thursday edition that Bank of Nova Scotia's latest restructuring efforts have spread to its wealth management arm, with major changes to the ScotiaMcLeod retail adviser network announced this week. The Globe's Tim Kiladze writes that at least 7 per cent of ScotiaMcLeod's brokers have been let go, as well as their assistants. Scotiabank would not confirm the exact number affected. The nature of the job losses represents a shift in the lender's long-term wealth management strategy. When cost control is a top priority, there is little surprise when underperforming staff are dismissed. The latest cuts targeted brokers who brought in as much as $650,000 in annual fee-based revenue, including those with assets under management ranging from $75-million to $100-million -- a level that previously allowed advisers to qualify for bonuses. Now, the bank seems focused on serving the wealthiest clients and employing brokers with only the largest books. "We are making some changes to better align all of our wealth management services and operate more efficiently in each of our markets," the bank said in a statement. Fear of so-called robo-advisers is partly behind the cuts.