Openwork advisers to get platform deal
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Openwork is carrying out due diligence on a short list of platform providers ahead of rolling out a platform proposition for its advisers early next year.
Chief executive Martin Davis says the network has been running an internal project for five months to assess its platform criteria.
The company sent out enqui-ries to 10 platform providers asking them to detail their capabilities and how they fit with Openwork’s requirements and it has drawn up a list of com-panies that it could work with.
Davis says: “We need to provide a platform to our advisers in anticipation of the RDR to enable them to provide a better level of service to their clients and to allow them to make the transition to a fee-based environment.
“We have a short list at the moment, we are doing some due diligence and we are fairly clear about what we want. We want to start getting our advisers using this.”
Davis says Openwork is likely to opt for more than one platform but says he does not see the need for adopting many platforms. The network is aiming to pilot its chosen platform or platforms early next year and roll out the system over the rest of the year.
Davis says: “Our intention is to get all our investment advisers on to a platform by 2013.”
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