Openwork, a UK based multi-tie mortgage and financial advice network, is set to acquire an independent advice firm 2plan Wealth Management, as part of its plan to implement a central part of its Retail Distribution Review (RDR) strategy.

Openwork will acquire 100% of the shares of the 2plan Group, including the 15% stake previously owned by Standard Life.

2plan Wealth Management offers a range of wealth management, retirement, investment and financial planning services to private clients and businesses across the country, with more than 200 advisers.

2plan Wealth Management, formed in 2007 by Chris Smallwood and Chris Davies, will retain its own brand, management team and will work separately from Openwork.

Openwork chief executive Martin Davis said that significantly developing IFA capability is one of the key aims of Openwork’s strategy to prepare for the RDR.

“For us, purchasing a quality firm with strong processes and a scalable platform run by people with the knowledge and technology to help us grow in the IFA space represents the best way to leverage our existing proposition for the benefit of our business, shareholders and clients,” Davis said.

“The deal makes absolute sense for both businesses and I am extremely pleased that we have been able to make this acquisition at this time.”

However, the acquisition is subject to FSA approval.