Openwork, which last week appointed Mary-Anne McIntyre as chief executive officer, was granted final approval for the acquisition of Leeds-based 2plan on 5 July.
The change of control will enable Openwork to develop its IFA strategy as part of wide-ranging plans to prepare the business and its advisers for the introduction of the RDR in 2013. Following the approval, whole-of-market advisers joining Openwork will become advisers of 2plan, while existing Openwork advisers will also benefit from the expanded range of investment opportunities offered by the IFA firm.
2plan has more than 200 advisers and provides an extensive range of wealth management, retirement, investment and financial planning services to private clients and businesses across the country. Launched in 2007 by founders Chris Smallwood and Chris Davies, 2plan makes extensive use of market-leading technology to support its advisers and clients.
Mary-Anne McIntyre said: “We are pleased to be able to announce that the FSA has given final approval to the Openwork Group to complete the acquisition of 2plan. The approval will allow us to drive ahead with developing our IFA strategy and realising the potential of the business to widen our proposition.”
Chris Smallwood, chief executive, 2plan Wealth Management, said: “We are excited that final approval has been given to the acquisition and that 2plan is to become part of the largest distribution group of its kind in the UK. In our view the now wider Openwork Group has the right strategy and business model to thrive both now and following the introduction of the RDR and we look forward to helping to develop its IFA capability in the months and years ahead.”
