Openwork, the network of UK financial advisors, is to restructure its national IFA 2plan business as part of a drive to enhance Openwork’s whole-of-market capability in advance of major regulatory reforms due to kick in by 2013.

Under the new model, 2plan, which was acquired by Openwork in September last year, will become a network supporting both registered individuals and appointed representatives. As a result, 2plan, which has more than 200 RIs, will continue to develop its existing RI proposition and extend support services and technology to ARs.

The new network, which will operate under the name 2plan Wealth Management, will be run by 2plan’s existing management team led by chief executive Chris Smallwood, who co-founded the business with Chris Davies in 2007, Openwork said in a statement.

“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,” Mary-Anne McIntyre, chief executive of Openwork, said. She was referring to the Retail Distribution Review, which is a programme of UK reforms designed to make advisors more independent and professional.