The Openwork concept has been conceived by Zurich Financial Services in response to the new depolarisation regime.
Openwork has selected product providers for each of its main classes of business: pensions, annuities, investments, protection, mortgages and general insurance. The providers are Prudential for annuities, Scottish Equitable for pensions, Sterling for investments, Zurich for protection and both Zurich and Paymentshield for general insurance. The mortgage business has a panel of more than 35 lenders.
Openwork’s chief executive is Stephen Leaman, a former director of Farmers in the United States. The sales director is Andy Ferns and Jon Hopper will be commercial director, both having performed similar roles at Zurich UK. Paul Shearman is mortgage development director, having been head of strategic distribution at Zurich UK.
Stephen Leaman said: "I am very excited to be part of the launch of a new company that is designed to explicitly serve the current market. Financial services are being called upon to play an ever more important social role and I am very optimistic about the future both for the UK industry and for Openwork."
"Our business aim for Openwork is to create the largest and most respected advice-based network in UK financial services, while at the same time building a strong and profitable business. Our ultimate vision is that Openwork becomes recognised as the network of advisers that clients can trust and I am confident that we can achieve that. Now that Openwork is open for business, we are actively recruiting new members."
Andy Ferns said: "This is a fantastic opportunity for advisers. Not only is the product structure comprehensive and flexible and the adviser contract competitive, but share ownership will give the salesforce a major stake in its future development and success."
Openwork will operate independently while retaining close ties to the Zurich Group. It has taken over most of the assets and franchisees of the former Zurich Advisory Network. Zurich has preferential rights to recover its initial investment. Thereafter, the increase in value will be allocated 75 per cent to the franchisees and staff and 25 per cent to Zurich.
