Adviser network Openwork has posted record profits of £19m for 2017.
Adviser numbers at the UK's biggest network grew by 400 during last year, reaching 3,603, while assets on Openwork's platform increased by 35 per cent to £6.2bn.
Mark Duckworth, the chief executive of Openwork, said: "I would like to thank everyone who has helped make 2017 a record year for Openwork, especially our dedicated advisers, staff and management.
"Openwork has a clear offering – providing holistic financial planning to clients throughout their lives via our wealth, mortgage and protection channels, as well as our subsidiary fund management and platform propositions."
Recurring & repeatable income grew by 35 per cent to £173.5m during 2017, representing 49 per cent of total income.
Assets under management on Omnis, Openwork's fund management arm, grew by £1.6bn to more than £5.6bn.
The volume of mortgage lending advised on by Openwork mortgage brokers increased by 21.6 per cent during 2017 to £13.5bn.
Earlier this year Openwork completed its separation from Zurich, when the provider sold its 25 per cent stake in the network making the company now majority owned by the partnership that represents its member firms.
The network will continue to distribute Zurich’s product lines in the UK, offering them to its advisers through its panels and in July it revealed it was working with Zurich on a new platform.
Mr Duckworth said: "This vertically integrated model gives Openwork a strong base from which to drive sustainable consistent growth over the coming years. We will continue to enhance our client proposition and business structure to meet evolving financial needs.
"It remains the case that, in overall terms, the UK population is underserved for financial advice. The UK has an ageing population who are increasingly being asked to make provision for their own financial security and requirements.
"This shift to personal responsibility, coupled with a complex set of choices and rules for individuals and families, inevitably leads to an increased demand for more financial advice. Openwork is ideally placed to support that need."
damian.fantato@ft.com
