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Openwork aims to boost support services

Openwork is looking at developing a support services arm and does not rule out acquisitions as a means of achieving this.

Chief executive Martin Davis, who replaced Keith Carby in July, said at the time of his appointment that he was looking to develop the firm into a two-tier operation with an IFA offering alongside its multi-tied strategy.

Davis says: “We are keen to gain certain capabilities or acquire them, it is a case of what is available and what is needed in the marketplace. The important thing is that anything that we acquire meets with our strategy.”

He says the firm is particularly looking at developing an offering for directly authorised firms.

He says: “That is one area where we can help by offering compliance and admin services, consultancy and front-end services. Again, much of that movement is down to what is available in the market.”

Davis said in July that in order to meet the challenges presented by the retail distribution review, Openwork would need to cater to different types of adviser. He said: “Openwork will have to sit in the middle. A large number of advisers will migrate in one direction and then a large number will migrate in the other. We need to start developing our model so we can support both groups explicitly.”

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