More clients than ever before are purchasing their first property with protection cover; clients are seeing their savings and investments grow, whilst engaging in bucket-list moments and still having enough to ensure a retirement to suit their needs.
Intergenerational wealth conversations are bringing together families, creating open financial conversations. Colleagues are proud to share their Openwork Partnership journey as well as recruiting others to work for our organisation.
There are always things that can be improved, but lots of good groundwork in the early years has led to The Openwork Partnership being a great company to work for.
FTA: Is there a link between a good working environment and the profitability of an adviser?
SM: 100 per cent yes. If an adviser is getting the support they need, is able to close down their queries quickly, is able to use technology to engage with more clients and is able to operate in a safe environment, it means they can do what they do best, which is engage with clients and give them the financial security they need.
When these things don’t happen, it means processes slow down, which can delay advisers’ engagement with clients and risk them going elsewhere. It also creates a service that people are not proud to be associated with, which will have a negative impact on client outcomes and ultimately profitability.
FTA: What has Openwork learnt from running a more conventional network in the past – any regrets?
SM: No regrets, it’s all learning. We were a single manufacturer and distributor, which meant a much simpler model and value chain. We collaborated, just not to the extent we do today. We were more insular in our approach, whereas today we work extensively with our industry peers and bodies.
Our advisers have access to more support, and that support relates to a greater number of positive client outcomes.
FTA: If an adviser comes to you for help on building a profitable advice business, what would you tell them?
SM: We’d offer our support for making a plan along with how we can work together in trying to get them to where they want to be; whether that’s a business they wish to sell in 10 years’ time or one that they want to build, maybe to allow them to work four days a week throughout their working life or to build a business with 1,000 advisers.
