"Exceeding 3,000 advisers for the first time in Openwork’s history is a huge achievement for the business, particularly in light of the long-term fall in adviser numbers in the UK."
Openwork has also raised more than £2.5bn into its fund range Omnis, less than 30 months since launch. The Omnis ‘Graphene’ proposition enables advisers to access bespoke funds from groups including Woodford Investment Management, Schroders and Threadneedle.
In February, Openwork announced that it had signed an agreement that will see Zurich divest its 25% shareholding in the network within four years. By March 2020, Zurich will transfer its shares to Openwork’s other main shareholder, Openwork Partnership LLP, which represents the adviser base.
The group expects to surpass £10bn of mortgage lending this year after seeing business levels rise almost 50% compared to the same period last year.
CEO Mark Duckworth said: “Exceeding 3,000 advisers for the first time in Openwork’s history is a huge achievement for the business, particularly in light of the long-term fall in adviser numbers in the UK. Our growth, however, has not come at the expense of quality and it is extremely pleasing that Openwork continues to attract high-calibre advisers; something that speaks to the significant appeal of our proposition but also our unique structure, which gives firms joining us part-ownership of the business and influence over its direction.
“Our Omnis fund range goes from strength to strength and it is remarkable to consider that it only launched in early 2014. Using our size and scale to award mandates to asset managers means we are able to offer bespoke funds at sub-market prices and we are thrilled that advisers have embraced the range so wholeheartedly and recognised the benefits it can bring to their clients.”
