Restricted advice network Openwork has reported its first ever profitable year thanks to a "more productive, better quality" adviser base.
Openwork's annual accounts showed it made a pre-tax profit of £321,047 in 2012, against a £13.3m loss the previous year. Revenues rose by £10m to reach £179.5m. However, the accounts also showed that adviser numbers shrank by 147, from 2,261 in 2011 to 2,114. The company's increased productivity and smaller membership indicated that the Retail Distribution Review (RDR), which introduced higher minimum qualifications, had created a better workforce, Openwork proposition and marketing director Philip Martin said. He said: "We have managed to move from a loss to a profit with a slight...
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