Online financial advice service OpenMoney said it is entering a period of “essential restructuring” following its majority sale to financial well-being entrepreneurs Will Mallard and Patrick Leahy.
The restructuring proposals, once agreed, will likely involve a number of operational redundancies after consultation. This is deemed necessary in order to ensure the successful and sustainable future of the business and its client facing operations – OpenMoney Adviser Services and WorkLife by OpenMoney.
The firm said in a statement: “Mallard and Leahy bought the business with the express intention to grow it. The proposed restructure, while difficult because of the impact on those members of staff whose roles will be made redundant, is essential if the business is to fulfil its potential for stellar growth. It is important to stress that there is no impact to clients as a result of the proposed changes.”
Founders Duncan Cameron and Anthony Morrow will continue to retain minority holdings in the business.
IFA consolidator
International Adviser understands that there is a restructuring proposal in process, and there should be an update in the coming days.
The future proposed plans are the business will look to operate a buy and build strategy of IFA businesses to grow the wealth management side with a number of new hires in the employee benefits business.
Also, Leahy has taken on the role of acting chief executive.
