Openwork has confirmed it has turned its national IFA 2Plan into a network, as revealed by Money Marketing earlier this month.
2Plan Wealth Management will support registered individuals and appointed representatives and will be run by existing chief executive Chris Smallwood.
The move means advisers will be able to operate under the 2Plan brand or remain under their own business name.
Openwork, which first announced its plans to acquire 2Plan in September 2010, completed the deal in July.
Openwork chief executive Mary-Anne McIntyre says: “This is an exciting time for both Openwork and 2Plan and we look forward to growing the business together.”
Smallwood says: “As an IFA business that has rapidly developed a strong brand and reputation for professionalism among advisers, we are often approached by appointed representatives asking to use our services and technology.
“Our model has focused solely on registered individuals until now but we believe it is the right time to expand our proposition to include appointed representatives as we look to grow and develop the business in advance of, and beyond, the forthcoming introduction of the retail distribution review.”
Atkinson Smith financial development director Will Palmer says: “It is a positive move because firms are going to have to think seriously about how they will operate and this gives them another option to do so.”