Openwork, the leading financial advice network which supports more than 3,200 advisers, has reported strong annual growth for the year ended 31 December 2016.
The audited accounts which were filed today show that:
- Revenue increased from £253.2 million to £283.4 million
- Profit before tax stood at £9.2 million – up from £3.3 million in 2015 and the fifth consecutive year of growth
- Adviser numbers rose 16 per cent from 2,749 to 3,203
- Mortgage lending reached £11.1 billion - 85 per cent higher than its level four years ago
- Assets under management in the Omnis fund management business now exceeds £4 billion and platform assets stand at £4.6 billion
- Recurring income was up 43 per cent to £19.7 million
Commenting, Mark Duckworth, CEO, said: “Our 2016 performance was very strong indeed, with results up and targets met across all channels and indicators.
“This is all the more pleasing considering that, as recently as 2011, Openwork posted a loss of £13.3 million. 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.
“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.
“We are excellently placed as we continue to enhance the service that we provide to advisers and to consumers, as well as further increasing the value of the business.”
Openwork launched in 2005 but has been working with financial advisers across the UK for over 40 years. Starting out as Hambro Life in 1971 before evolving into Allied Dunbar in 1985, The Franchise Network in 1998 and then Zurich Advice Network in 2001, these incarnations have all provided a solid foundation for building the business’ knowledge and expertise.
The product suite covers mortgages, savings and retirement, general insurance, protection and Omnis investments - a range of investment funds exclusive to Openwork advisers and their clients.