Openwork puts faith in advisers' 'judgement'

Scott Sinclair
clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Retirees shun financial advice and take DIY approach to finances

Retirees shun financial advice and take DIY approach to finances

Four in five of over 55s who have retired, did so without financial advice

Sahar Nazir
clock 29 April 2024 • 1 min read
More than money: Putting your clients on the right track

More than money: Putting your clients on the right track

'In truth, financial advice is so much more than just money'

Roger Brosch
clock 29 April 2024 • 4 min read
Plugging the support gap in retirement 'not FCA's role'

Plugging the support gap in retirement 'not FCA's role'

Majority of professionals say FCA should not have to plug support gap

Sahar Nazir
clock 29 April 2024 • 1 min read