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Openwork passes 3,500 adviser mark as in-house funds spike

Openwork has passed the 3,500 adviser mark asthe network backs its vertically integrated model to keep delivering growth.

In-house funds at Omnis, the network’s investment arm, grew by £1.6bn to reach £5.6bn, results for the year to the end of 2017 show.

Openwork has also seen significant growth in its platform, with a 35 per cent growth in assets to reach £6.2bn.

Alongside a 22 per cent growth in mortgage lending, Openwork says its vertically integrated model gives it “a strong base from which to drive sustainable consistent growth” as it looks to its next steps after becoming independent from Zurich in April.

The provider had owned a quarter of the network. Openwork’s employees now act as minority shareholders, with member adviser firms represented by majority owner Openwork Partnership LLP.

CIPs scrutinised: Networks reject conflict of interest concerns

Openwork chief executive Mark Duckworth says the network will continue to offer “holistic financial planning”.

He says: “It remains the case that, in overall terms, the UK population is under served for financial advice. The UK has an ageing population who are increasingly being asked to make provision for their own financial security and requirements. This shift to personal responsibility, coupled with a complex set of choices and rules for individuals and families, inevitably leads to an increased demand for more financial advice.”

Openwork has expanded the Omnis range, which is available exclusively to its own advisers, in recent months.

However, it declined to comment on what proportion of investments advisers recommended into the range as part of Money Marketing research earlier this year.

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