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Openwork must ensure adviser-charging move succeeds

Departing Openwork chief executive Martin Davis says the firm’s primary short-term objective is to make sure its members move successfully to adviser-charging.

Davis, who is leaving in the summer to join Cofunds as chief executive, says that Openwork’s main priority is to ensure advisers across its single-tie, multi-tie and whole of market operations switch to changing models successfully.

Davis says: “The move to adviser-charging is the really big focus for the next 18 months. The good thing is that it is in a good position to make the changes required. The advisers are up for the work ahead which is the main thing.”

On Monday, Openwork non-executive director Kate Avery was appointed temporary chair responsible for finding a replacement for Davis.

Avery was Legal & General group executive director of the wealth management division in January 2009 after 12 years with the company. She became non-executive director at Openwork in May 2009.

Churchouse Financial Planning managing director Keith Churchouse says: “Openwork is going to have to work pretty hard to ensure all advisers make the transition to adviser-charging with such a short time to go until the 2013 deadline.”

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