Adviser network Openwork has reported record profits and a sixth consecutive year of profit growth and added 400 new advisers.

Pre-tax profits for the year ending 31 December was £19.1m, with the company also hailing its “solid improvement on other key performance measures.”

The firm also boosted assets on the platform by 35% in the year to £6.2bn and Omnis Investments, the firm’s investment arm, increased assets under management by £1.6bn to more than £5.6bn.  

The company also reported that recurring and repeatable income grew 35% to £173.5m.

Mortgage lending also surged 21.6% in the year to £13.5bn.

Adviser numbers grew by 400 in 2017 to finish the year at 3,603 and the number of Openwork staff supporting these advisers increased from 438 to 481.
 
The Openwork Group is majority-owned by the Openwork Partnership LLP, with its employees holding a minority stake, it operates as a directly authorised, multi-panel distribution network.

In the mortgage sector Openwork operates a panel of more than 50 lenders for mortgages.

Commenting on the results, chief executive Mark Duckworth, said: “I would like to thank everyone who has helped make 2017 a record year for Openwork, especially our dedicated advisers, staff and management.
 
“Openwork has a clear offering – providing holistic financial planning to clients throughout their lives via our wealth, mortgage and protection channels, as well as our subsidiary fund management and platform propositions.”
 
He added: “It remains the case that, in overall terms, the UK population is under served for financial advice.

“The UK has an ageing population who are increasingly being asked to make provision for their own financial security and requirements.

“This shift to personal responsibility, coupled with a complex set of choices and rules for individuals and families, inevitably leads to an increased demand for more financial advice.

“Openwork is ideally placed to support that need.”