Monday, 11 September 2017 10:16

Openwork mortgage brokers can retrain as Financial Planners

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Openwork, the advisory network with 3,500 advisers, has unveiled a programme which will support firms to ‘upskill’ mortgage advisers to become qualified wealth advisers, offering holistic Financial Planning.

The ‘Route to Wealth’ programme will enable mortgage advisers to add wealth advice skills and is aimed at encouraging more mortgage advisers to improve their skills to advise clients on wealth management and a wider range of financial advice services. Openwork will be using the CII Diploma in Regulated Financial Planning which will take candidates through RO1 to RO6.

The company says that the Route to Wealth drive should encourage more mortgage advisers to move into the pensions and investment arena, enabling them to provide ‘holistic Financial Planning’. Details of the qualifications they will seek to achieve have not been released yet. Financial Planning Today has requested further details so check back later for an update to this story.

Openwork, 25% owned by Zurich and the rest by its advisers and employees, says firms and advisers will benefit from “expanded knowledge and career development, an increased ability to service pension and investment needs, and embed value in their business with recurring income.”

A structured training programme, expected to last just under two years, will be provided for nominated candidates with costs reimbursed by Openwork.

John Cupis, mortgage director at Openwork said: “Over the next 15 to 20 years we are entering an unprecedented period of demand for advice for mortgage and pensions, as customers retire with questions about new pensions freedoms and how to manage their housing equity.

“Whether it is planning for inheritance tax, optimising tax free savings allowances, managing an interest only mortgage, planning to transfer wealth to children or grandchildren, the decisions regarding how to retire will become increasingly complex requiring high quality advice.”

Cliff Gray, managing director at Openwork firm Prosperity Financial Services Ltd. said: “Route to Wealth from Openwork is an easy choice for me to help grow my practice and develop my advisers.  Mortgage customers of today are the wealth customers of tomorrow so this programme run by the excellent training team at Openwork will be fantastic for my business.”

Openwork Limited operates as a directly authorised, multi-panel distribution network.

• Editor's note. Updated 15.09.17 to add details of exams to be undertaken towards Financial Planning status.

Last modified on Friday, 15 September 2017 18:47
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