Openwork is planning a radical restructure of its core distribution business as it seeks to further build on the success and profitability of its business.
Openwork is to divide its distribution business into three specialist business units – wealth, mortgage and protection – each with a director responsible for the delivery of an agreed profit outcome and control over all elements of the proposition and its distribution.
The move, the result of a three-month review into Openwork’s strategy and business plan, will enable the business’s senior management team to gain complete visibility over the relative profit and loss each of the three units contributes to Openwork’s overall financial performance.
The wealth division will encompass all elements of Openwork’s platform, investment and savings relationships and will be headed by Mike Morrow, who joins the business as Wealth Director. Most recently Sales and Marketing Director at Ascentric, the IFA wrap platform, Mike brings extensive experience in managing adviser distribution, marketing and proposition design across a range of life company and platform businesses.
Protection is the core of all Openwork’s advice and insurance remains central to the Openwork strategy under the stewardship of Pat McKenna, who will continue to head its protection business Owl Financial.
The mortgage division will seek to create maximum value through Openwork’s mortgage activity under the leadership of a Mortgage Director, a post the business will seek to fill in the coming weeks. The Mortgage Director will be supported by a newly created post of Protection Development Manager to specifically tackle protection needs associated with mortgage advice.
Openwork Chief Executive Officer Mark Duckworth says: “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.
“These are exciting times for the business as we look to improve on our current profitable state. We already have a market-leading proposition, 3,000 loyal advisers across the three channels, giving over £220 million 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.”