OpenworkApr 4 2017

Openwork reveals adviser numbers

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Openwork reveals adviser numbers

Openwork has more than 2,000 advisers in its network for the first time in five years.

The growth has brought its group adviser numbers to a record 3,200.

As of 30 March 2017 there were 2,006 advisers in its core network, which excludes its protection business Owl and nationwide IFA firm 2plan wealth management.

Towards the end of last year Openwork hired Stephen Wildgoose as recruitment and growth director from Sesame Bankhall Group and it has said recruitment will be a key focus during 2017.

Mark Duckworth, chief executive of Openwork, said: “Surpassing 2,000 advisers in the core network for the first time in five years is a fantastic achievement for the business during a period in which overall adviser numbers in the UK have declined.

“We believe this growth is a clear endorsement of our proposition and unique structure, which gives advisers a share of the equity in the business and a say over its direction.

“As a business that has been profitable for a number of years now, we believe advisers are increasingly recognising the benefits of joining a network that will not only thrive in the years to come but will automatically give them a financial stake in its success.

“Recruitment will continue to be a focus for us in 2017 and we look forward to talking to high quality advisers who might be considering their options in this challenging market environment.”

We believe this growth is a clear endorsement of our proposition and unique structure, which gives advisers a share of the equity in the business and a say over its direction.Mark Duckworth

Openwork, which is majority-owned by its advisers, is also making structural enhancements to the network including moving from generalist support teams towards specialists with significant experience in their respective fields.

As part of this move it has appointed regional wealth account managers Sarah Alder, Paul Booler, Russell Anderson and Mark Holman reporting to Mike Morrow, wealth director; while regional mortgage account managers Claire May and Julia Wilkinson report into John Cupis, mortgage and protection director.

Openwork has also embarked on the next stage of its programme to help member firms build succession planning into their practices, having taken more than 40 candidates through its adviser training academy since launch in 2014.

Last year Openwork and Zurich signed an agreement that will see the global insurer divest its 25 per cent shareholding in the network within the next four years.

damian.fantato@ft.com