10 firms could quit Openwork to join Carby
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Openwork says only around 10 more of its advisers are considering moving across to join Keith Carby’s new venture.
Former Openwork chief executive Carby recently joined Warrington-based firm Wilmslow Wealth, which is an appointed representative of Paradigm.
Nine of the 13 other advisers currently listed at Wilmslow Wealth on the FSA register came from Openwork.
In a memo to its advisers, Openwork chief executive Martin Davis says 10 more firms are considering moving.
He says: “To be clear, we are aware of up to 10 firms actively considering joining. We are in discussion with most of these firms and I am confident that a number will elect to remain with Openwork.
“Even in the worst case, the number considering leaving falls well short of the number of advisers we have recruited into Openwork so far this year. We have recruited 320 advisers this year and have a strong pipeline of businesses wanting to join us.”
Carby left Openwork in July 2009 after a disagreement with Zurich, which owns 25 per cent of the firm. Openwork has a total of around 2,500 advisers.
Paradigm and Carby refused to comment.
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Readers' comments (13)
Anonymous | 6 Aug 2010 9:51 am
Martin Davies doesnt have a clue of the level of discontent within Openwork. There is more like 300 of the Top businesses in Openwork lined up and ready to work for Keith.
Zurich have ruined Opemwork! MD is a Zurich Man with a Zurich Agenda. He is content upon pushing forward with OBP at massive expense using OUR money, when ALL the Advisers are saying it is unworkable.
His Memo of last week was meant to quell the discontent, when you are losing your Top people and comparing them with recruiting new Advisers who are PFA's then it shows how much out of sync he really is.
Zurich's biggest mistake was firing Carby, shortly followed by Ferns resignation, This has led to massive discontent within the Network and whilst they are supposed to be 25% shareholders, and we the Advisers hold 75% our shares are worth ZERO!
Not happy!
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Martin Davis | 6 Aug 2010 12:03 pm
I’m not entirely sure who you are however having spoken with numerous partners personally over the last few weeks, including some of those considering leaving, I believe your comments are wide of the mark. I’m very well aware of the issues and am happy to talk these through with you. You can call me on 01793 567731.
Regards
Martin Davis
CEO, Openwork
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Anonymous | 6 Aug 2010 3:39 pm
I fully agree with the coments of "Not Happy!". Openwork has managed to retain so many of its advisers with the promise of a payout if Openwork ever sells (as the advisers own 67.5% of the network).
As time goes by more and more advisers are beginning to realise that these shares are becoming worthless and Openwork will never be bought or float on the stock exchange.
The value within Openwork lies within its professional advisers, if you gave them all a large payout many would leave, so the company would have no value.
The fees and charges within Openwork are far higher than those from competing networks, many advisers are starting to realise this and are activily seeking another network with fairer charges, rather than remaining part of an expensive network, with little hope of a payout.
Not Happy 2!
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Anonymous | 6 Aug 2010 3:59 pm
Why dont Not Happy and Not Happy 2! state there name it is rumour like this that is damaging our network
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Anonymous | 6 Aug 2010 4:21 pm
Have to laugh at the irony of someone bemoaning people for not stating their names under the cover of anonymity themselves.
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Anonymous | 6 Aug 2010 4:30 pm
Re:
'Why dont Not Happy and Not Happy 2! state there name it is rumour like this that is damaging our network'
The hypocrisy of posting anonymously calling for others to stop doing likewise is obviously lost on you!
It is obvious why the 'Not Happy' brothers would not want to reveal their identities. They are probably some of the many Openwork advisers who Martin Davis does not realise are about to bail. .
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Anonymous | 6 Aug 2010 5:24 pm
Martin Davis if you are reading this please , please ,please dump OBP !!
It has made small premium policies uneconomical to write due to the fact its not user friendly and the most tiresome and stressful system I have ever had the misfortune to have to use. The updates havnt made it any better and some of them clearly havnt been thought through or road tested before launching.
I am not about to jump but OBP would probably be the catalyst if I did.
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Anonymous | 11 Aug 2010 7:49 pm
This is bigger than MD thinks I fear. You cannot run a people focused business from an ivory tower in Zurich land.
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Anonymous | 23 Aug 2010 9:35 am
OBP has it's issues, no question. With the latest changes this month, it will be unrecognisable and I would encourage all to keep an open mind.
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Anonymous | 20 Sep 2010 10:56 pm
Shoot, i have been in insurance for 15 years and just bothered to get my cemap here in UK. i joined openwork as i thought they would provide great support. how wrong i was! i am too afraid to make any appts for clients as they just have a complex system and no one bothers to even spend time with me to show me what to do. 100k a year ote? id rather work for £25,000 a year at least i will be more confident of the company i work for
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