For our firms, the new brand will drive:
o The ability to acquire new clients through The Openwork Partnership brand/website and distribute to firms.
o Client reassurance of scale, quality, value, and safety.
o Client brand continuity when referring or migrating clients between firms.
One important aspect within our structure is that as part of working together with our Partner firms, we allow the individual Partners to dial up or dial down the branding depending on how and where it is most appropriate for them.
To date, the response to the rebrand from our advisers and firms has been overwhelmingly positive. The new brand itself, plus the associated communications and awareness activity has played its part in helping to drive growth in adviser numbers and deliver strong H2 results for us as a group. Over 75% of firms who use our centrally created marketing collateral have chosen to co-brand with The Openwork Partnership branding.
This initiative was the first time we’ve done TV advertising, digital TV, and radio advertising. The response to it has been even greater than we expected, and we’ve seen really strong engagement. It’s been particularly good to see that there is a clear and genuine interest in national brands for delivering financial advice and we’ve been delighted with it.
SW: What is your strategy for growth and for expanding the partnership and the number of adviser partners? where are the growth opportunities?
MM: One of the elements of this business which is different is its hybrid nature as I mentioned earlier. Not only do we have a specific protection-only arm, but also a very developed mortgage protection business as well as the wealth business. Locally, if you went into the office of a Partnership firm then it might look very hybrid as they’ll be doing all those things under the one roof.
However, the fact that we have various entry points into the profession has been helpful when it comes to recruitment. It means we can appeal to individuals who may as yet, be unqualified. In a wealth only network, the level 4 qualification requirement can be a limiting factor. Our hybrid nature is great for diversity and inclusion, to help bring the average adviser age down and boost the number of female members, all of which are very positive aspects for our business development and growth.
There is a lot of internal trading that goes on inside Networks, lots of informal local locum arrangements which turn into succession plans and eventually turn into business sales. None of this is a surprise. They share a proposition and have lots in common despite local flavours/variations.
A big part of my job is to maintain that market, keep it open and fluid, whilst ensuring funding support is in place. All businesses have a lifecycle and business creators need to have the opportunity to pass the baton on, at the right time, at fair value, to the next generation.
Separate to that, I must focus on the parts of the market that represent future opportunity, the undervalued, the unserved, and look to develop commercially viable solutions that solve for that – robo would be a good example here. A small independent might not have the resources or funding to focus on that until the model and the value is more mature.
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About Mike Morrow
Mike joined The Openwork Partnership in July 2015 as Wealth Director from his position of Sales & Marketing Director at Ascentric. Mike’s extensive career includes time as Head of Platform and Investment Distribution at AXA and HSBC where he was Head of Insurance & Investment. He brings extensive experience of the wealth management and protection distribution area to The Openwork Partnership. Mike sits on the Board of The Personal Investment Management & Financial Advice Association (PIMFA) the UK’s leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds and companies.
