Openwork enhances RDR support team with new hires
Openwork is bolstering its RDR support team with the addition of two new field-based consultants, as the network gears up for the next phase of its comprehensive transition programme designed to help advisers meet the challenges of new regulation.
The consultants – Frank Morton, formerly head of technical development at Prudential, and Chris Barnes, previously managing director of Beckett Investment Management Group – will work closely with Openwork’s regional Business Development Directors to provide bespoke support and practical guidance to advisers as they transition to a post-RDR business model.
As part of its support programme – which includes in-depth one-to-one consultancy sessions, peer group meetings and workshops – Openwork is introducing a new RDR ‘Toolkit’, which helps advisers understand their options and current position on a number of issues such as transitional cash flow, moving to fees, client segmentation and qualifications.
The addition of two new consultants to the RDR team – taking to five the number of experts working full-time in Openwork’s in-house consultancy service – forms part of the network’s shift this year into the second phase of its support programme, focusing on ‘building and planning’ for regulation. The first phase, focusing on ‘education and engagement’, began in 2010 and will continue throughout Q1.
Phil Mogford, Programme Director at Openwork, says: “Our initial engagement programme confirmed that most advisers share the same concerns about the RDR and want hands-on, practical guidance as they seek ways to address the different challenges facing them.
“Our in-house consultants provide very practical support to advisers beginning to transition their businesses for the RDR, and the appointment of Frank and Chris, with their extensive experience, will appreciably enhance what is already a strong team. Openwork is making a significant investment in our support programme and we believe it is, in terms of our in-house consultancy combined with the strength of our Business Development Directors, unique in the market.”