The network, launched in 2005, made an unaudited profit of £600,000 in 2012, overturning a £13.3m loss in 2011.
The previous losses were largely attributable to one-off costs associated with the Retail Distribution Review and legacy IT issues, the network said.
The results mark the culmination of a steady move towards profitability over the last few years from initial trading losses totalling £55m in its first two years.
Commenting on the results, chief exectuive Mary-Anne McIntyre said: “Openwork being profitable for the first time is a hugely significant milestone and is a source of great encouragement for our adviser firms, not only in knowing they are part of a stable network but also of course as shareholders in the business.
“It has been a long journey since Openwork’s launch in 2005 and this marks a turning point in its history as a standalone trading company.
“We recognise however that 2013 is likely to be extremely challenging and we will continue to use our scale to drive revenue from multiple sources while giving our advisers all the support and tools they need to thrive in difficult market conditions.”
2012 also saw the launch of more online resources for advisers, including a mobile app and a new marketing system, Smart Hub, which allows advisers to customise marketing materials online.
Openwork is owned – via ordinary shares – by its advisers with a 67.5% share, 7.5% by its employees and 25% by Zurich Financial Services Group.
