View more on these topics

Openwork adds 450 advisers to ranks

Openwork reports increased revenues of £283.4m and pre-tax profit of £9.2m

Network Openwork added more than 450 advisers to its ranks in 2016, its annual results reveal.Mark-Duckworth-700x450.jpg

Adviser numbers grew from 2,749 in 2015 to 3,203 last year, an increase of 16 per cent.

In its full-year results for 2016 released today, the network reports an increase in revenue from £253.2m to £283.4m.

Profit before tax reached £9.2m, up from £3.3m in 2015.

Assets under management in the Omnis fund management business now exceed £4bn and platform assets stand at £4.6bn.

Recurring income increased 43 per cent to £19.7m.

Mortgage lending reached £11.1bn for the year, which Openwork says is 85 per cent higher than what it was four years ago.

Chief executive Mark Duckworth said the results represented a fifth year of growth in a row at the network.

He says: “This is all the more pleasing considering that, as recently as 2011, Openwork posted a loss of £13.3m. This turnaround is testament to the strength and hard work of our senior management team, staff and growing network of advisers on behalf of consumers.”

Duckworth adds: “We continue our strategy into 2017 with confidence, given our building momentum, as well as the opportunities presented by changes to the tax system, pensions and savings, and the ongoing underservicing of the UK population when it comes to financial advice.”



Openwork hits 3,000 adviser mark

Openwork now has over 3,000 advisers working across its network, protection business Owl and national advice firm 2plan Wealth Management. In addition the group’s fund range Omnis has hit £2.5bn of assets after launching in 2014. The group made an operating profit of £4.8m in 2015, it made its first-ever profit as a standalone trading […]

Paper mountain 010514.jpg

FOS orders Openwork to pay compensation over unsuitable charges

Openwork must compensate a client who complained about receiving unsuitable investment advice and claimed they were misled about charges. An Openwork adviser recommended the complainant, Mr M, transfer his existing bond and Isa to another provider with the client understanding charges for the new arrangement would be “broadly the same”. However, when he received the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment