The Openwork Partnership has launched a share programme for its partners, offering them the option to buy or sell units in the partnership.
From November 18 to December 2, this option will open for the first time and will give partners the ability to trade units in the partnership.
Thereafter the trading window will open every March and September.
Every firm in the partnership has units and the size of firms ranges from one-person businesses to larger firms such as Just Mortgages.
The new scheme will enable partners to earn more units as the company continues to expand.
A spokesperson for Openwork said it previously did not have a formal structure to buy or sell units in the partnership.
Philip Howell, chief executive of The Openwork Partnership, said: “The unique shareholding structure of The Openwork Partnership sets it apart in the financial advice sector and the enhancements we are now introducing to our equity ownership model will reinforce that advantage.
“The overwhelming partner vote in favour of these measures underlines our shared vision and confidence in the future success of the business.”
Openwork rebranded to the Openwork Partnership in February.
At the time the network included 680 firms with more than 4,200 advisers managing in excess of £20bn in client funds.
It had become majority owned by the partnership after Zurich sold its 25 per cent stake in 2018.
At a recent EGM partners voted 96 per cent in favour of changing the way they participate in the equity of the business.
Openwork said it wanted to support partners throughout the lifecycle of their businesses – from set up to sale.
In total 500 partners took part in the process leading up to the EGM, which enabled the firm to launch its first trading window running for two weeks from November 18.
Stuart Dodson, chairman of the Shareholder Council, added: “This is a very exciting time for the partnership, and I am grateful for the commitment partners have shown to creating an exciting future for the network and all its partners.”
sonia.rach@ft.com
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