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Openwork announces radical restructure

Openwork is to divide its distribution business into three specialist units as part of a “radical restructure” following an in-depth review of the network’s future.

The business will be split into wealth, mortgage and protection divisions, each headed by a director. Openwork is currently looking for a director to lead the mortgage division.

As part of the changes, Mike Morrow is to join as wealth director from Ascentric, where he was sales and marketing director.

Pat McKenna remains in place as head of the protection business Owl Financial.

Yesterday the network announced a tie-up with Dudley Building Society that will see it deliver advice in branches. Openwork replaced Legal & General.

Openwork chief executive 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 £220m 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.”

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