Embark Group and Openwork have confirmed the continuation of their existing distribution agreement until 2021, and have announced plans to enter into a formal agreement for Advance by Embark to become the primary supplier to Openwork’s network of financial advisers for an additional five years until 2026.
Openwork is currently the largest distribution partner of Advance by Embark, with the majority of Openwork’s wealth advisers on the platform. Advance by Embark will now be Openwork’s primary wealth platform for additional business.
This announcement follows the completion of Embark Group’s acquisition of Zurich’s Investment and Retail Platform, which will now operate under the Advance by Embark brand. The Advance by Embark Platform is built on FNZ technology and provides advisers with everything they need to manage clients seamlessly through accumulation and decumulation.
Mike Morrow, Wealth & Platform Director, Openwork, said: “We are committed to establishing a new long-term agreement with Embark as our primary wealth platform for additional business. Its financial strength and commitment to innovation and a willingness to develop the platform collaboratively makes Embark the ideal partner for us. We look forward to working with them over the coming months and years.”
Phil Bungey, Chief Operating Officer, Advance by Embark, commented: “We are extremely pleased to have this commitment from Openwork, who are an exceptional and highly valued customer and partner. This agreement is recognition of our commitment to the UK advised market, as well as our relentless focus on innovation. We are excited to work with Openwork over the long-term to continue to meet the ongoing needs of Openwork and their network of advisers.”
About Embark Group
Embark Group is a full-scale UK retirement solutions provider, active in the areas of Investment Platform, SIPP, SSAS, Fund Research and Employee Benefits Consulting. The Group trades under the brands Embark, Vested, Rowanmoor and The Adviser Centre. It also operates a wide portfolio of white label services for business such as RBS Coutts, Standard Life, Nutmeg, BestInvest, Charles Stanley, Moneyfarm and Wealthsimple. Businesses within the Embark Group have been established in the market for more than 40 years and have a long history of working closely with intermediary distribution partners and consumers of all levels of affluence.
The Group now has more than £33bn in assets under administration on behalf of c360,000 consumer clients, operating across nine UK locations (London, Bolton, Dundee, Edinburgh, Leeds, Leicester, Milton Keynes, Salisbury and Swindon)
Embark has been recognised as one of the most innovative Wealth Tech companies in 2019 and 2020.
About Openwork Limited
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