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Openwork announces radical restructure

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Openwork is to divide its distribution business into three specialist units as part of a “radical restructure” following an in-depth review of the network’s future.

The business will be split into wealth, mortgage and protection divisions, each headed by a director.

As part of the changes, Mike Morrow is to join as wealth director from Ascentric, where he was sales and marketing director.

Pat McKenna remains in place as head of the protection business Owl Financial.

Openwork is currently looking for a director to lead the mortgage division.

Yesterday the network announced a tie-up with Dudley Building Society that will see it deliver advice in branches. Openwork replaced Legal & General.

Openwork chief executive Mark Duckworth says: “These changes represent a logical progression from our previous structure, giving clear responsibilities to all three units to drive individual profitability. Mike Morrow’s vast experience will be crucial to us as we seek to expand our Wealth offering.

“These are exciting times for the business as we look to improve on our current profitable state. We already have a market-leading proposition, 3,000 loyal advisers across the three channels, giving over £220m of quality fee advice each year, as well as additional significant revenue from our manufacturing capabilities.

“The greater accountability provided by our three new units means we give far greater focus to ensuring that our distribution business becomes equally profitable.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. I do like reading between the lines, on articles like these; I am particularly intrigued by the quote “these are exciting times…………” translated….”Oh crap we need to do something fast……”

    More evidence of an industry going to hell in a hand cart ? I will let you decide !

  2. Who will now deny that networks are in deep do do. In my view a good thing for financial advice.

  3. You could also take the view that they may have been struggling and this is evidence of positive and decisive action being taken to revamp the organisation with an optimistic outlook to the future for both advisers and clients.

    It is so easy to be an armchair critic. Many advisers in action today owe their entry to the industry and their early training to networks.

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