The business will be split into wealth, mortgage and protection, and each director will be responsible for the delivery of an agreed profit outcome and will control all elements of the proposition and its distribution.
Openwork’s announcement follows a three-month review into the network’s strategy and business plan. The network said the move would enable the senior management team to gain complete visibility over the relative profit and loss each unit contributes to Openwork’s financial performance.
The newly created mortgage director post will be filled in the coming weeks and will be supported by another new appointment; protection development manager. This role will will specifically tackle protection needs associated with mortgage advice.
Openwork said insurance will remain central to the Openwork strategy, with Pat McKenna continuing to head up its protection business, Owl Financial.
Mike Morrow, former sales and marketing director at IFA wrap platform Ascentric, has joined the business as wealth director.
Openwork CEO Mark Duckworth (pictured), said: “These changes represent a logical progression from our previous structure, giving clear responsibilities to all three units to drive individual profitability. Mike Morrow’s vast experience will be crucial to us as we seek to expand our Wealth offering.
“We already have a market-leading proposition, 3,000 loyal advisers across the three channels, giving over £220m of quality fee advice each year, as well as additional significant revenue from our manufacturing capabilities. The greater accountability provided by our three new units means we give far greater focus to ensuring that our distribution business becomes equally profitable.”
