Openwork strikes building society advice deal

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Advice network Openwork has struck a deal with Dudley Building Society that will see the firm’s staff provide advice in-branch.

Openwork staff will provide full financial planning from within the building society, with DBS serving as an introducer to the business.

The deal replaces a previous partnership between DBS and Legal & General, and is expected to lead to the launch of Dudley Financial Solutions as an appointed representative of Openwork.

It will launch with two Openwork advisers taking residence in two of DBS’ six UK branches.

Openwork chief executive Mark Duckworth says: “We are extremely pleased to have secured this partnership with Dudley Building Society, which will allow the many customers of the Society access to a wider product range giving them more opportunity to meet their needs.

“Importantly, having explored many options, Dudley is choosing to set up the new venture with Openwork, a move that clearly endorses our model and demonstrates our appeal to companies wishing to operate as efficiently – and safely – as possible in an increasingly demanding advice environment.”

Openwork has around 3,000 financial advisers operating across the UK. Openwork was unable to confirm how many advisers would be posted to DBS branches as part of the deal.