Openwork talks of ‘relentless’ change over 10 years

Openwork talks of ‘relentless’ change over 10 years

The challenges and pace of change in the industry has been relentless, but the regulatory regime has changed for the better, Philip Martin has said.

Looking back as the network celebrated its 10th anniversary, Openwork’s marketing director said considerable investment was needed to keep up with the changes in regulation and the introduction of both MMR and RDR.

“Our advisers would agree that the relationship with the regulators is stronger now than ever, and the movement to fees and transparency has helped support this,” he said, adding: “The biggest single thing that has affected the industry has been RDR, but we had to deal with it.

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“We invested time and effort to help advisers understand their own business and how to make sure they were profitable.”

The network now has approximately 3,000 advisers.

Looking ahead, Mr Martin said the priorities were to ensure the network remained in profit.

It will also help support its investment advisers gain access to the best possible solution for their customers through its Omnus proposition.

Adviser View

Alan Steel, director of West Lothian-based Alan Steel Asset Management, said: “The key thing for the future is to find people who think the same way as you do, who care about your clients, who do not rip people off.”