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Openwork becomes adviser-owned as Zurich completes sell out

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  • 10/04/2018
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Openwork becomes adviser-owned as Zurich completes sell out
Openwork is now owned by its member firms, after insurer Zurich sold its 25% share in the UK’s largest financial advice network.

 

 

The Openwork Partnership LLP is the majority owner, while Openwork’s employees maintain a small shareholding through an employee benefit trust.

Zurich created Openwork in 2005 from its financial adviser network.

The business now has more than 3,600 advisers across its wealth, mortgage, protection and insurance channels.

In February 2016 Openwork announced that partners would become Openwork’s majority shareholder within four years.

Mark Duckworth, chief executive at Openwork (pictured), said: “The fact we have reached this milestone two years early should give everyone connected to Openwork huge confidence and optimism.

“We have a secure, stable, profitable business that delivers a hugely important service to hundreds of thousands of people across the UK.

“To be doing this independently; to have our destiny in our own hands, is exciting.”

 

Zurich relationship to remain strong

Openwork will continue to distribute Zurich’s product lines in the UK through the network’s panels.

Andy Wilmot, partner, and chair of Openwork’s Shareholder Council (the body of partners which represents the LLP), said: “On behalf of all partners, I am delighted we have realised our ambition and created something we believe is unique in financial services.

“Holding equity in a growing business that has the scale and power of Openwork has been much-anticipated and we look forward to welcoming more partners to enjoy the benefits as Openwork continues to expand.”

David White, head of UK retail at Zurich, added: “I am delighted for Mark and his team, and for the LLP, that we have achieved our long-planned separation and Openwork now stands on its own.

“While Zurich will no longer be a shareholder, our relationship will remain strong and we look forward to continuing to provide our market-leading products and services to Openwork advisers and their clients.”

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