openwork

Advisers can now offer life cover to those previously declined

Sesame most complained-about advice firm

Adviser network Openwork has exceeded 3,000 advisers across the group for the first time in its history despite a long-term decline in the number of advisers working in the UK market.

Network Openwork tripled the number of protection policies recommended to clients last year after increasing its adviser capacity.

Openwork and Zurich have signed an agreement that will see the insurer divest its 25% shareholding in the network within the next four years.

Openwork has more tripled its operating profits to £5.5m in 2014, up from £1.7m in 2013.

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

Network Openwork has teamed up with CIExpert to promote the use of its knowledgebase to help members boost their protection business.

The proportion of complaints against advisory groups found in favour of the consumer is significantly below the average for the sector, the Financial Ombudsman Service's (FOS's) latest data shows.

Protection and life cover software firm Ipipeline has teamed up with Openwork to offer advisers a way of producing multiple quotes for protection products which it claims will help them boost their protection sales.