Openwork posts profit for second consecutive year

The consecutive years of profitability follow a loss of £13.3m in 2011 and initial trading losses totalling £55m in Openwork’s first two years.

The results come in the wake of a number of significant developments for Openwork in 2014. The network announced last week it was to take on up to 930 of MetLife’s advisers as part of an agreement that provides Openwork with an expanded nationwide network from which it can distribute a broader protection product range.

CEO Mary-Anne McIntyre said: “In common with many advisory firms, we anticipated that the first full year following the introduction of the RDR would be difficult to navigate.

“For Openwork to have posted its second successive profit is therefore very satisfying, particularly given the continued capital investment we are making to our adviser systems. This is critical to enable our advisers’ time to be better spent with their customers.

“Our growth is, of course, testament to our advisers’ hard work supporting customers across all areas of financial advice and we thank them for their professionalism and commitment.

“I look forward to continuing our strong financial progress as we look to build on the foundations we have laid in the last couple of years.”