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Openwork AR: Full advice prevents client poaching

Multi-tied mortgage and protection advice firm Moneysprite is expanding its service to include investment and pensions advices, and to jump-start that offering is tapping into its existing client book.

In this week’s Friday profile interview with FTAdviser, Jody Sturman says he was hired by the Openwork AR firm four months ago as its first investment and pensions adviser.

To help establish a client base in its new offering, the London-based firm plans to comb through its existing book of 2,500 to 3,000 mortgage and protection clients in the hope that some of them will agree to have their pension and investments reviewed.

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Mr Sturman is hopeful that about one in 10 existing clients will agree to the additional service.

He said: “They have got a client bank that is pretty big, so you can use that and get in touch and say, ‘we are now in a position to review your pensions for you’, but at the moment we haven’t done that because we haven’t needed to.

“But we will be looking to do that with another adviser on board.”

As Moneysprite’s investment and pensions business grows, the plan is to take on advisers as need be.

Part of the decision to move to new areas of advice was the worry competing advisers could come along and poach inactive clients.

For example, Mr Sturman said another adviser could be reviewing a client’s pension and take the opportunity to ask if they could review their mortgage as well.

“Nine out of 10 times [the client] will go with the most recent one.

“It is about doing the whole job for your clients.”

The full interview will be published later today.