Openwork puts faith in advisers' 'judgement'

Scott Sinclair
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The importance of an adviser's judgement in making client recommendations has been pushed to the top of the agenda at Openwork as the multi-tied adviser seeks to move away from its previous "box-ticking" culture.

Chief executive Martin Davis says the move will mean less bureaucracy but he also warned it would involve a revamp of its business checking procedures and place more pressure on the company's 2,500 advisers to keep detailed records of their recommendations. He adds it is part of a two-stage, three-year plan he hopes will "set the standard" in preparing advisers for the RDR and, in particular, its focus on customer outcomes. The "old way" of giving advice, Davis says, referring to advisers following a set procedure, is no longer adequate. In his opinion, advice based purely on a set of...

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