Openwork, a UK-based financial services advisory network, said it hopes to dominate the restricted advice sector after the implementation of the Retail Distribution Review, a UK reform package intended to drive up standards of financial advice.

Setting out its strategy to become the UK’s leading advisor network pre- and post-RDR, the firm said it will offer advisors the choice of three business models.

Openwork’s announcement, which follows a substantial strategy review conducted with the network’s partners, principals and individual advisors, will see it offer appointed representatives the choice of entering into a single tie model, a multi-panel multi-tie model, or a whole-of-market independent financial advisor model.

“The new multi-panel multi-tie will build on Openwork’s heritage in this space and enable advisors to utilise leading-edge systems and processes,” said Martin Davis, Openwork’s chief executive.

The multi-panel multi-tie model will enhance Openwork’s current "best of breed" multi-tie proposition. It will allow advisors to offer pension, protection and investment products from a broad panel, rather than from two preferred providers, as is currently the case, the network said in a statement.

This is hoped to attract IFAs seeking to join the restricted advice space in 2013.

The whole-of-market IFA model, which is expected to be implemented through acquisition in 2010, will offer services exclusively to advisors with appointed representative status, or those hoping to return to such status. It will feature a wrap-based wealth management option for the appropriate investments and pensions advisors.

The single-tie model will remain broadly the same as it is today.