Openwork is planning a “radical restructure” of its core distribution business to further build the and profitability of its business.
It will divide its distribution business into three specialist business units – wealth, mortgage and protection – each with a director responsible for the delivery of an agreed profit outcome and control over all elements of the proposition and its distribution.
The move is the result of a three-month review into Openwork’s strategy and business plan, with chief executive Mark Duckworth stating: “These changes represent a logical progression from our previous structure, giving clear responsibilities to all three units to drive individual profitability.”
The wealth division will encompass all elements of Openwork’s platform, investment and savings relationships and will be headed by Mike Morrow, who joins the business as wealth director.
Most recently sales and marketing director at platform Ascentric, he brings experience in managing adviser distribution, marketing and proposition design across a range of life company and platform businesses.
The protection unit is the core of all Openwork’s advice and insurance work and will be under the stewardship of Pat McKenna, who will continue to head protection business Owl Financial.
Finally, the mortgage division is now seeking a specific mortgage director in the coming weeks, supported by a newly created post of protection development manager to tackle protection needs associated with mortgage advice.
Mr Duckworth added that the greater accountability provided by the three new units means the network will be able to give greater focus to ensuring the distribution business becomes equally profitable.
peter.walker@ft.com
