Openwork added more than 450 advisers last year

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Network Openwork added more than 450 advisers to its ranks in 2016, its annual results reveal.

Adviser numbers grew from 2,749 in 2015 to 3,203 last year, an increase of 16 per cent.

In its full-year results for 2016 released today, the network reports an increase in revenue from £253.2m to £283.4m.

Profit before tax reached £9.2m, up from £3.3m in 2015.

Assets under management in the Omnis fund management business now exceed £4bn and platform assets stand at £4.6bn.

Recurring income increased 43 per cent to £19.7m.

Mortgage lending reached £11.1bn for the year, which Openwork says is 85 per cent higher than what it was four years ago.

Chief executive Mark Duckworth said the results represented a fifth year of growth in a row at the network.

He says: “This is all the more pleasing considering that, as recently as 2011, Openwork posted a loss of £13.3m. This turnaround is testament to the strength and hard work of our senior management team, staff and growing network of advisers on behalf of consumers.”

Duckworth adds: “We continue our strategy into 2017 with confidence, given our building momentum, as well as the opportunities presented by changes to the tax system, pensions and savings, and the ongoing underservicing of the UK population when it comes to financial advice.”