The agreement follows Openwork’s announcement earlier this month that it will offer a dedicated mortgage service for high-net-worth clients via Capricorn Private Clients, the mortgage broker’s large loan team.
Capricorn, which became an AR of Openwork in 2006, is one of the network’s fastest growing mortgage practices.
The firm has 32 advisers working across four London offices and is seeking to expand to 60 advisers by 2019. Over the same time period, Capricorn is aiming to triple its mortgage completions from £1bn to £3bn.
John Cupis, mortgage director at Openwork (pictured), said: “We are thrilled to have such a young and dynamic business such as Capricorn commit to the network for another five years. Capricorn has been with us for a decade now and we believe this new agreement speaks volumes about the strength of the Openwork proposition and our modern approach to the mortgage market.”
Conor Murphy, chief executive at Capricorn Financial, said: “The network is a perfect fit for our business and we look forward to further developing and strengthening our longstanding relationship as we seek to achieve our ambitious plans for growth over the coming years.”
Openwork is a financial services partnership with around 3,000 financial advisers operating across the UK. It operates as a directly authorised, multi-panel distribution network.
The Openwork Group is owned – via ordinary shares – by its advisers with a 67.5% share, 7.5% by its employees and 25% by Zurich Insurance Company.