The network is initially working with 15 advisers, ranging from large firms to sole traders, and will then expand the pilot to 50 advisers before rolling out the programme to the entire network later this year.

The pilot will involve the implementation of new business models, service propositions and charging structures required to meet RDR demands and will be conducted through a combination of field-based support and workplace consultancy.

Phil Mogford, programme director at Openwork, said: “The pilot trial is a major milestone in our programme to help advisers make the move to fee-charging business models.

“This initial pilot will see us working intimately with the businesses involved – which have been deliberately selected to be representative of the network as a whole – to ensure the transition programme works for them and ultimately for all of the pensions and investment advisers within Openwork.”

Openwork recently backed the Treasury Select Committee’s calls for a 12 month delay to RDR implementation, saying it could result in an extra 10% of advisers remaining in the industry.

Sponsored

EPC planning: act now or risk the rush later

Sponsored by BM Solutions