Yes, an admin user with manage workspace permissions can remove a workspace by following these instructions:
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Click the dropdown arrow at the top left corner of your Wealthbox screen beside the current workspace name to navigate to the "Manage Workspaces" page in Settings.
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From the Manage Workspaces page you will see a "Delete" option to the right of each workspace. This will remove the workspace from your workspace dropdown list along and will also remove access for all users.