Openwork has reported a 16 per cent increase in the number of financial adviser joining its network last year, which has given its bottom line a significant boost.
More than 3,200 professionals are now on its books, and the financial advice network’s success in attracting new clients has been mirrored by substantial increases in revenue and profits.
Openwork’s latest results reveal an increase in revenue to £283.4m and a profit before tax of £9.2m, up almost £6m on the previous year.
Assets under management in the network’s Omnis fund management business, which is available exclusively through Openwork, are more than £4bn with platform assets at £4.6bn.
Mark Duckworth, CEO of Openwork, said: “Our 2016 performance was very strong indeed, with results up and targets met across all channels and indicators. This is all the more pleasing considering that, as recently as 2011, Openwork posted a loss of £13.3 million. This turnaround is testament to the strength and hard work of our senior management team, staff and growing network of advisers on behalf of consumers.
Building on the financial network’s recent successes is vital, believes Mr Duckworth, who said: “We continue our strategy into 2017 with confidence, given our building momentum, as well as the opportunities presented by changes to the tax system, pensions and savings, and the ongoing under-servicing of the UK population when it comes to financial advice.
“We are excellently placed as we continue to enhance the service that we provide to advisers and to consumers, as well as further increasing the value of the business.”