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Openwork set to convert 2Plan into a network

Openwork is looking to turn national IFA 2Plan Wealth Management into a network, Money Marketing understands.

The new model will enable advice firms to use 2Plan’s services but retain their own brand.

Money Marketing understands that Openwork senior management and recruitment directors were told about the restructure last month, which Openwork is looking to achieve for less than £1m.

Openwork, which first announced its plans to acquire 2Plan in September 2010, completed the deal in July.

When the acquisition was first announced, Openwork chief executive Martin Davis said he wanted to grow the business from 205 advisers to 500-600 IFAs within two years. The company currently has a total of around 240 advisers.

2Plan was set up in 2007 by Chris Smallwood (pictured) and Chris Davies and was 15 per cent owned by Standard Life before Openwork’s acquisition.

Last week, Money Marketing revealed that Openwork is also looking to launch a national arm in the next 12 months as it widens its current network proposition which houses a tied and multi-tied offering.

Openwork currently has a total of around 2,300 advisers.

In January, Aegon-owned national IFA firm Positive Solutions announced it is restructuring its pricing model to allow it to operate as both a network and a national. The network model will only be available to firms with over £150,000 in turnover and two or more IFAs.

Access Wealth Management partner Jim Clancy says: “There are a lot of firms trying to come up with the best post-RDR model and this is what Openwork and 2Plan are trying to do here.”

An Openwork spokesman says: “We do not comment on market speculation.”

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