The increase makes fast-growing Openwork one of the UK’s largest networks of financial advisers. Its advisers are mostly tied although there is an IFA arm for referrals.
Openwork says the number of affiliated advisers rose across both Openwork and Owl Financial – Openwork’s subsidiary, protection-only business. Openwork advisers offer a range of financial advisory services including retirement planning.
Mark Duckworth, CEO at Openwork, said: “To continue growing our network, particularly as the total number of advisers in the UK falls, is very satisfying indeed. Alongside bringing in new business, this is a key plank of our strategy as we look to build on the strong financial growth that we have delivered over the last few years.”
Openwork Limited operates as a directly authorised, multi-panel distribution network. It has panels for pensions, annuities and protection (life assurance, critical illness, general insurance), and selects products via single high-volume providers for investments. It uses two investment platforms, its own and Zurich’s.
Openwork advisers can access whole-of-market products, via referral to Openwork Market Solutions, the IFA arm of the group. The company is owned - via ordinary shares - by its advisers with a 67.5% share, 7.5% by its employees and 25% by Zurich Financial Services Group.