Branch closures ‘can help boost adviser recruitment’

We believe employees affected by ongoing bank and building society branch closures should look to the growing job opportunities across the financial advice sector.

Industry data shows banks and building societies have closed or plan to close up to 1,076 branches last year and this year with Santander the latest to announce the closure of 140 branches in January affecting 1,270 employees.

Staff affected will have built up strong experience and have expertise in wealth advice as well as mortgage and protection advice and would be very attractive to financial advice groups.

We are committed to expanding the total number of advisers from the current 3,907 and believe many former bank and building society employees are ideally suited to expand their knowledge to become fully qualified financial advisers.

Openwork already has a successful link with Newcastle Building Society through its subsidiary Newcastle Financial Advisers which joined the network in 2003 and has grown strongly since. The Society has a commitment to the ongoing provision of accessible face to face financial advice across its North East network of branches on the High Street.

Openwork Wealth and Platform Director, Mike Morrow said: “Bank and building society staff can build successful careers in financial advice and we would be very interested to hear from them.

“The continued expansion and development of our financial advice provision is a crucial strategic objective and we are looking to grow across all sectors to meet the massive unmet demand for face-to-face financial advice.

“New entrants starting their own firms or joining existing firms can choose to join as wealth advisers but also choose the mortgage or protection sector. Many will have transferable skills from their previous jobs."

A key part of our recruitment is the Openwork Academy programme which has already trained and qualified 150 advisers since launch in 2014. We have also seen strong recruitment of new mortgage advisers with 508 joining us across new and existing firms last year.

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