Openwork says it will “significantly” reduce the charge it makes to firms writing investment and pension business through its platform as part of a comprehensive support programme designed to help its owner-advisers transition through the RDR.
From January 2013, Openwork will reduce, by an average of one-quarter, the retention level it applies on all investment and pension business.
The move comes as Openwork prepares to embark on a network-wide roll-out of its RDR transition programme, which offers platform training and personalised support to advisers moving to fee-charging.
Mark Duckworth, managing director, distribution and marketing, said: “Reducing our charge for investment and pension business written through the platform will significantly benefit our advisers as they seek to manage their cash flow and meet the financial challenges of transitioning to new business models.
“The fact we can offer this support is testament to Openwork’s scale, which means we can draw revenue from a number of sources. That ability enables us to offer our advisers better terms while providing their clients with propositional benefits such as platform and investment options at market-leading rates.”
