National IFA 2plan branches into network space

National IFA 2plan Wealth Management is to be restructured to incorporate a network model, catering for registered individuals (RIs) and appointed representatives (ARs).

The move means 2plan will continue to operate its existing RI proposition but will also now offer its technology and support functions to other businesses as part of a new hybrid structure.

This will also be extended to existing Openwork firms seeking to establish IFA practices under their own brand.

It follows a review of 2plan which took place after its acquisition by Openwork in September last year.

Chief executive Chris Smallwood (pictured) said the move was inspired by approaches from advisers who wanted to tap into the business' service offering.

"Until now our model has focused solely on RIs but we believe now is the right time to expand our proposition to include ARs as we seek to grow and develop the business in advance of, and beyond, the forthcoming introduction of the RDR."

The new network, which will operate under the name 2plan Wealth Management, will be run by Smallwood and Chris Davies, who co-founded the business in 2007.

Mary-Anne McIntyre, CEO of Openwork, added: "Developing our IFA capability is central to Openwork's plans for growth and extending 2plan's business model delivers another important part of our strategy to offer both new and existing advisers the widest possible choice for the RDR.

"This is an exciting time for both Openwork and 2plan and we look forward to growing the businesses together over the coming months and years."