Adviser network The Openwork Partnership has launched a share programme for its partners.
The programme will allow partners to buy and sell units in the partnership within trading windows.
The option will open for the first time between 18 November and 2 December.
The network expects to open two trading windows a year, in March and September.
Every firm within the network currently has a set number of units, which were defined when they joined.
The new scheme also enables these partner firms to earn more units in the network as the company expands.
It is the first formal structure for buying and selling units in the partnership.
Openwork said the ability to trade units will give firms within the network the “opportunity to realise value from the stake they have built up in The Openwork Partnership.”
Philip Howell, chief executive of The Openwork Partnership, said: “The unique shareholding structure of The Openwork Partnership sets it apart in the financial advice sector and the enhancements we are now introducing to our equity ownership model will reinforce that advantage. The overwhelming partner vote in favour of these measures underlines our shared vision and confidence in the future success of the business.”
Around 500 partners took place in a voting process with 96% supporting the launch of the new unit trading scheme.
The Openwork Partnership currently has over 4,300 financial advisers operating across the UK. It operates a directly authorised, multi-panel distribution network.
