Openwork blames losses on Caerus and RDR


Openwork recorded a pre-tax loss of £8.5m in 2010, on top of a £5.6m loss during the previous year.

The network's total revenues were £182m, marginally down from the £182.5m in 2009. Its administrative expenses increased from £36.6m to £40.1m, although complaints redress and review costs were down from £2.6m to £2.2m. Meanwhile, Openwork's advisory numbers went down from 2,485 to 2,060, with chief executive Mary-Anne McIntyre blaming both the general contraction in the market and the poaching of advisers by a rival network set up by ex-staff. Former chief executive Keith Carby set up Caerus Wealth Management in 2010 and, by the end of the year, had over 200 advisers working with ...

To continue reading this article...

Join Professional Adviser

  • 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.



Already a Professional Adviser member?