Openwork has confirmed it will use one of Embark’s investment platforms, which it agreed to purchase from Zurich late last year when Openwork was considering other platform providers.
Openwork, which has around 3,900 advisers in its network, is the single largest user of the Zurich platform, which was rebranded as Advance by Embark overnight.
The advice network confirmed this morning that at least 800 of its advisers would use the newly-titled Advance by Embark platform, comprising £6bn of assets under administration.
Embark Group announced it would acquire Zurich's investment and retail platform in November last year and the deal was completed overnight. This brought about £11bn assets under administration and close to 140,000 adviser clients to Embark.
Since then, the Zurich platform has acquired about another 20,000 clients, bringing the client bank close to 160,000.
The Financial Conduct Authority approved the deal at the end of January, allowing the movement of clients and assets to occur.
Embark Group chief executive Phil Smith said he was very pleased Openwork would continue as a client, particularly given their contract with Zurich was due to expire in 2021.
He added: "Openwork are the single largest client user of the platform and obviously the sale of this platform is a very sensitive transaction [to Openwork]. Their view has been [considering] who are the right long-term partners for them - and the sale of this platform accelerated that thinking."
Smith confirmed that Embark has gained "continuity beyond 2021" with Openwork on its platform, but would not divulge specific details of contractual arrangements.
Openwork wealth and platform director Mike Morrow said the Zurich platform was used by the majority of the 3,900 advisers on Openwork's network.
"As the largest user of the platform, we are pleased that Embark is committed to innovation and a willingness to develop the platform collaboratively," he said. "They are well funded and well capitalised, with blue chip institutional backers which is very positive for us as we believe that successful platforms require scale, capital, operational efficiency, and most of all profitability."
Morrow added that Embark's "unique relationship" with platform technology giant FNZ, which last year bought a 9% stake in the Embark Group, meant it was well placed to "stay at the cutting edge of emerging market requirements".
PFS's Keith Richards judging chair
Continuity beyond 2021
It's The Pro Adviser Podcast
To help Schroders rebalance portfolio
'Select mangers who understand this situation'
Investing tips for millennials