Openwork has taken on 75 of the 670 Co-operative Financial Services field-based advisers who were made redundant in July.
Over 250 of the former Co-op field advisers have joined distribution firms following the redundancies, which were announced by Co-op Group after a strategic review of its life and savings business.
Personal Touch Financial Services has taken on 55 advisers, Intrinsic has taken on 30 and is waiting for authorisations for a further 30, around 50 have joined Sesame, 12 have joined Tenet and four have moved to St James’s Place. Some have also joined Positive Solutions and Moneygate but the firms have declined to reveal how many.
Most advisers that moved to Openwork have joined its IFA arm 2plan, those that joined Sesame have joined as new appointed representatives or within existing member firms and the 60 that are moving to Intrinsic are joining the restricted arm.
Openwork recruitment director Keith Atkinson says: “Recruiting such a number of quality advisers into Openwork is testament to the breadth of our proposition and the support we provide to advisers.” He says Openwork may take on more Co-op advisers in the coming months.
Sesame Bankhall Group managing director Nick Kelly says: “Over the last quarter, over 50 former Co-op advisers are in the process of joining us either as new ARs or within existing network member firms.”
Following the Co-op’s strategic review, Co-op Financial Services’ 82 branch-based advisers now offer Axa investment, pension and life insurance products under a single-tie deal announced in July.
In September 2010, Co-op Bank sold its IFA arm, which had 86 staff, including 51 advisers, to Ashcourt Rowan Financial Planning.