Product review: Openwork legacy assets system

Openwork has launched a new system which allows advisers to transfer legacy assets onto the platform in a bid to aid compliance and ease operations in light of RDR requirements.

The legacy asset system went live on 12 August and is available for advisers as soon as they complete their training.

It aims to help establish whether it is appropriate to move a client out of legacy policies by calculating the cost of migrating existing holdings onto the platform. It automatically produces a report which summarises the details.

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Philip Martin, director of proposition and marketing at Openwork highlights the importance of intimately understanding the processes behind decision-making, and that this is part of developing systems that help them work efficiently. It represents a major technological step for Openwork, which has developed the system in-house.

Using the system carries a charge of £150 plus VAT per client portfolio and is available to its 2,300 advisers.


The draw is twofold. Many clients want to move assets onto new platforms, and advisers need to ensure they are RDR-compliant.

Moving assets onto Openwork’s platform would be a way of dealing with legacy assets after using the system. There has been visible growth in assets under management on platforms – a 25 per cent increase in the past year – although the number of clients on platforms has gone up only 2.6 per cent. Finding ways to deal with legacy assets is almost unavoidable in the post-RDR industry.

Openwork recognises this product as a response to a “period of significant industry change” and this system could be useful in identifying – and justifying – the right decisions to take when the technology used to create an asset and the current regulation do not match up.

Legacy assets are operating on old-style charging models. Advisers need to comply with RDR-era policies and a new-world fee structure where the commission is turned off.