Openwork  

Openwork adds hundreds of advisers in growth drive

Openwork adds hundreds of advisers in growth drive

Openwork gained 262 advisers last year as the advice network continued its recruitment drive and focus on the company's academy programme.  

In its financial results for 2018 published today (September 17) Openwork announced the number of advisers across its network hit 3,865 last year alongside an 11 per cent increase in assets on its platform to £6.9bn. 

Assets under management at Openwork have continued to grow into this year hitting £8bn in July as the network reported a growing demand for advice. 

The network has been vocal about its recruitment focus as part of its expansion, announcing in June it was set to have the best six months for recruitment in a decade. 

In today's announcement the business reported a record intake to its adviser academy so far this year, gaining 54 trainees to the scheme, almost equalling the total intake in 2018. 

Openwork reported a 18.3 per cent increase in pre-tax profits to £22.6m for 2018, its seventh year of profit growth allowing the network to pay its first dividend to shareholders totalling £2m. 

Mark Duckworth, chief executive, said 2019 was a "significant" year for the business when it became an independent business in April. 

He said: "It is therefore very pleasing to be able to report strong results whilst also investing in the future. We are growing the scale of our advice business across our diversified offering and this has meant we have been able to help more clients than ever.

"That is enabling us to invest in our academy to develop more advisers, as well as in our front-end systems to enable our advisers to serve our clients more effectively.

"The record intake to the Openwork Academy in particular underlines our commitment to increase access to advice so more people across the UK can receive the expert help they need to create and protect wealth for themselves and their families."

Mr Duckworth said this would remain a "strategic priority" for the business throughout 2019 and beyond.

Openwork also saw growth in its mortgage business last year, an area it has previously eyed for expansion alongside protection, with lending increasing by 21 per cent to £16.4bn. 

Mr Duckworth said: "Our strengthened financial position has meant we have been able to reward our long-standing and supportive shareholders with the first ever dividend.

"I would like to thank the growing team at Openwork, our advisers, colleagues and senior management, for the hard work and dedication which has made 2018 a success and look forward to the continued development of our business."

rachel.mortimer@ft.com 

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