Openwork, one of the biggest financial advice networks with 4,000 advisers in the UK, has urged insurance and banking workers facing redundancy to turn to the financial advice sector for job opportunities.

The network said it believes employees affected by job cuts across the economy, including those hit by cutbacks in the financial services sector, should look to the advice sector for job opportunities.

Openwork has its own training academy with 31 trainees expected to join this month, split between its wealth and mortgage programmes. This takes its total trainees to 150 for the year, its highest numbers yet.

The average age for trainees at The Openwork Academy is 35, with many of its trainees switching to second careers.

Earlier this month Openwork also launched its first Graduate Wealth Pathway trainee scheme. It aims to recruit 25 graduates to work remotely or at its Swindon head office and is offering the chance to train for Chartered Financial Planner status. It will complete recruitment for the graduate scheme by the end of October, with start dates in early 2021. 

Mike Morrow, wealth & platform director at Openwork, said: “It is a worrying time for many employees across the economy and even in the financial services industry with major banks and insurers cutting jobs.

“At Openwork we are very much focused on recruitment and are committed to increasing the number of advisers across our network to help meet the growing demand for financial advice.

“We are delivering on ambitious plans for expansion at the Academy for 2020 and into 2021 and are particularly interested in hearing from people looking to change their careers and to join a fast-growing business.”