'Radical restructure' for Openwork

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Network Openwork is to divide its distribution business into three specialist distribution units for wealth, mortgages and protection.

Each division will have a director responsible for achieving an agreed level of profit and who will have control over all elements of the proposition and its distribution.

The move, the result of a three-month review of Openwork's business will see Mike Morrow join as wealth director, he was previously sales and marketing director at Ascentric.

Protection will be central to Openwork's strategy with Pat McKenna heading the Owl Financial business.

The mortgage division has yet to have a director appointed, they will be supported by the newly created protection development manager who will deal with protection needs associated with mortgages.

Mark Duckworth, chief executive officer of Openwork, said: "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.

Duckworth added: "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 £220 million 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."

Further Reading:

Openwork teams up with CIExpert to boost protection sales

Protection comparison tool pilots launch with Openwork

Analysis: Navigating the big four quote portals

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