Openwork has revealed that it has exceeded 3,000 advisers across the group for the first time in its history despite a long-term decline in the number of advisers working in the UK market.
The business, which recently posted a profit for the fourth consecutive year, now has more than 3,000 advisers within its core network, its protection business Owl and its nationwide IFA firm 2plan wealth management.
Openwork, headed by CEO Mark Duckworth, 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 at below-market prices from groups including Woodford Investment Management, Schroders and Threadneedle. Openwork recently announced two new additions to the Graphene range, a European Equity Fund run by Jupiter’s Cedric de Fonclare and an Asia Pacific Equity Fund managed by Ballie Gifford’s Iain Campbell.
In February, Openwork – which is expecting to surpass £10bn of mortgage lending this year after seeing business increase almost 50% year-to-date compared to the same period last year – 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.
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.”