Openwork blames losses on Caerus and RDR

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 ...