Openwork seals Embark deal after 'successful' first year

Openwork seals Embark deal after 'successful' first year

The Openwork Partnership and Embark have confirmed they will extend their existing platform agreement to 2026, which sees the majority of the network’s advisers use the Embark platform. 

The two businesses today (March 11) announced they have agreed terms on extending their existing distribution agreement following a “successful year” working together after Embark acquired Zurich’s investment and retail platform in 2019.

The Openwork Partnership is one of the largest distributors of Advance by Embark, with the majority of its advisers already using the platform.

This is a legacy of when Zurich owned Openwork - though the provider sold its stake in 2018 and entered into an agreement that the network would distribute its products. It also agreed to help Openwork build a custom platform.

The companies said today they would continue to work together to develop the platform to attract the next generation of clients and enhance the experience for existing clients.

The agreement underpins Openwork's plans for growth and investing in technology in its wealth business.

Mike Morrow, chief commercial officer at The Openwork Partnership, said: “Advance by Embark is an award-winning platform with a strong track record of innovation and we look forward to cementing a genuine partnership approach following a successful period of due diligence. 

“The long-term agreement enables us to build on our shared goals and ambitions for the benefit of our advisers and their clients.”

Phil Bungey, chief operating officer of Advance by Embark, said the agreement showed that the partnership was “working exceptionally well” and that Embark had been able to "deliver on our commitments to service and delivery”. 

He added: “The Openwork Partnership is a highly valued customer and partner and it’s really exciting to cement our long-term collaboration, setting out the strategic direction for the next five years. 

“We are looking forward to building on what we have already achieved, continuing to provide value to The Openwork Partnership and its network of advisers.”

Last month, Openwork rebranded as part of growth plans which it hopes will propel it to the top spot of advice networks in the UK. 

Now called The Openwork Partnership the network includes 680 firms with more than 4,200 advisers managing in excess of £20bn in client funds.

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