Openwork has revealed that it is to partner with Investment Funds Direct Ltd and Veracity on its second wrap platform.
IFDL will power the platform while an exclusive agreement has been made with Veracity to support advisers in their analysis of legacy business.
The new wrap forms part of Openwork’s RDR-readiness programme announced in July this year. It will be trialled by 15 advisers representing everything from large practices to sole traders, before being rolled out more widely in 2012. The proposition from Openwork will sit alongside Zurich’s retail savings platform which is being made available to its single-tie, multi-tie and whole of market businesses at the end of this year.
Commenting on the deal, Openwork proposition and marketing director Phillip Martin said: “Crucially, our offering will enable advisers to manage their own costs and help them compete successfully in a world in which consumers will increasingly shop around for advice. We are particularly pleased to be working with Veracity, whose high-quality approach ensures we can handle client legacy transfers in a much more streamlined and appropriate way.”
“We have always aimed to provide leading-edge solutions supported by proven functionality,” added IFDL managing director Hugo Thorman. “For a business of Openwork’s scale to partner with us is a terrific compliment to the robustness of our technology. RDR changes the distribution landscape enormously and IFDL will continue to evolve and deliver to its partners in meeting that challenge.”