Openwork doubles profit in a year

Ryan Bembridge

September 4, 2018

Openwork recorded £19.1m of pre-tax profit in 2017, more than double the £9.2m seen the year before.

The network saw mortgage volumes increase by 21.6% to £13.5bn.

Mark Duckworth, chief executive, said: “I would like to thank everyone who has helped make 2017 a record year for Openwork, especially our dedicated advisers, staff and management.

“Openwork has a clear offering – providing holistic financial planning to clients throughout their lives via our wealth, mortgage and protection channels, as well as our subsidiary fund management and platform propositions.”

The adviser count grew by 400 in 2017 to finish the year at 3,603.

Duckworth added: “It remains the case that, in overall terms, the UK population is under served for financial advice. The UK has an ageing population who are increasingly being asked to make provision for their own financial security and requirements.

“This shift to personal responsibility, coupled with a complex set of choices and rules for individuals and families, inevitably leads to an increased demand for more financial advice. Openwork is ideally placed to support that need.”

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