Openwork has launched a training scheme to upskill mortgage advisers to fully qualified wealth advisers in the face of ‘unprecedented’ demand from older clients.
The network’s Route to Wealth programme is designed to encourage more mortgage advisers to move into the pensions and investment arena, enabling them to provide holistic financial planning.
Nominated candidates will undertake a two-year training programme, with all costs reimbursed by Openwork.
The move comes ahead of an anticipated surge in demand for advice following the government’s pension freedoms legislation, which removed restrictions on how people could access their retirement wealth.
John Cupis, mortgage director at Openwork, said: “Over the next 15 to 20 years we are entering an unprecedented period of demand for advice for mortgage and pensions, as customers retire with questions about new pensions freedoms and how to manage their housing equity.
“Whether it is planning for inheritance tax, optimising tax-free savings allowances, managing an interest-only mortgage, planning to transfer wealth to children or grandchildren, the decisions regarding how to retire will become increasingly complex requiring high-quality advice.”
Georgina Partridge, head of marketing and communications at London-based Plutus Wealth Management, commented: “It is fairly obvious there continues to be an increasing demand for financial advice. Openwork is making use of the gaps in the market as an opportunity to develop their client base and business they can do.
“With pension freedoms, we are seeing more and more people going down the financial advice route. Potentially, Openwork are looking to fill [the advice gap] and compete with other advisers and online propositions.”
simon.allin@ft.com
