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Openwork reveals significant growth in 2017

Openwork reveals significant growth in 2017

Openwork's 2017 performance will "significantly exceed" that of the previous year, its chief executive has said.

Mark Duckworth said 2016 marked Openwork's fifth consecutive year of growth, with revenue, recurring income and profit all up.

He said: "Although we cannot disclose 2017 figures yet, I can say that we will significantly exceed our 2016 performance, with growth driven by the good work of many established firms as well as the addition of adviser capacity.

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"All arms of Openwork are contributing to this growth. In mortgages, we are on track to deliver lending growth of 20 per cent for a fourth consecutive year. Even in buy-to-let, where many were forecasting a slow-down, our numbers are up."

On the wealth side of the business, Mr Duckworth highlighted the launch of the Omnis Managed Portfolio Service and the addition of two funds to the Omnis range as examples of Openwork's growth.

In August Openwork revealed that assets under management in its Omnis fund management business had reached £5bn.

Earlier this year Openwork introduced personalised risk reports to help advisers emphasise the importance of protection to clients taking out a mortgage.

The new system combines customer specific mortgage and protection costs with a risk assessment based on individual applicants' circumstances over the course of the mortgage.

Mr Duckworth said: "We embedded our personalised protection risk report in our advice processes, which increased mortgage to protection conversion rates by double figures."

He added that during 2017 Owl – Openwork's previously protection-only business – expanded into mortgage advice and launched the Route to Wealth programme to help its mortgage advisers upskill and become wealth managers. 

The network now has nearly 3,600 members.