Network Openwork has announced a “radical” restructure of its distribution business as it seeks to build on its profitability.
Its distribution business will be divided into three business units – wealth, mortgage and protection.
As part of the restructure, Mike Morrow, former sales and marketing director at Ascentric, will become the network’s wealth director. The protection division will be headed up by Pat McKenna.
A new mortgage director, to be appointed in the next few weeks, will be supported by a newly-created post of protection development manager to tackle protection needs associated with mortgage advice.
The new mortgage director will be supported by a newly-created post of protection development manager to tackle protection needs associated with mortgage advice.
Openwork chief executive Mark Duckworth said: “These changes represent a logical progression from our previous structure, giving clear responsibilities to all three units to drive individual profitability.
“These are exciting times for the business as we look to improve on our current profitable state.”
Openwork has 3,000 advisers across the three channels. The restructure – the result of a three-month review into Openwork’s business plan – will allow the network’s management to assess how each division contributes to the company’s overall financial performance.
The Openwork Group is owned – by ordinary shares – 67.5 per cent by its advisers, 7.5 per cent by its employees and 25 per cent by global insurer Zurich.
Background
In May Openwork announced it would be leaving Apfa, saying it no longer needed membership of a trade body to engage with regulators and policymakers.
In June it announced that its advisers will be able to provide full financial planning to clients within branches of Dudley Building Society as a result of a new introducer agreement. It also agreed a long-term packaging arrangement with Solent Mortgage Services.
