The initial pilot will see Openwork work closely with 15 advisers, ranging from large practices to sole traders, to help them implement the business models, service propositions and charging structures they require to meet the demands of the RDR.
Using a range of cashflow and specific practice tools, the pilot – conducted through a combination of field-based support and workplace consultancy – is designed to help the advisers move their client banks to a fee-charging structure, while facilitating the development of Openwork’s overall transition proposition in advance of the wider roll-out of the programme later in the year.
Following the initial pilot, Openwork will begin a second wave of one-to-one support trials involving a further 50 advisers, before the programme is introduced to the remainder of the network.
Phil Mogford, programme director at Openwork, said: “The pilot trial is a major milestone in our programme to help advisers make the move to fee-charging business models. Our approach to the RDR has always been very adviser-centric and this initial pilot will see us working intimately with the businesses involved – which have been deliberately selected to be representative of the network as a whole – to ensure the transition programme works for them and ultimately for all of the pensions and investment advisers within Openwork.”
