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.