In the last two months alone Tenet has increased its number of advisers by 10% excluding its recent acquisition of 2500-strong Non-Investment Network, Premier Connections. In the last two years the number of advisers has increased by a total of 150%.
Tenet believes this is down to a consolidating and tough market. Simon Hudson, chief executive at Tenet, said: “Tough market conditions are increasing the cost of managing an IFA firm and the smaller firms are struggling. Smaller Networks and service providers are also vulnerable. They do not have the capital strength or flexibility to adapt to changing market conditions. Add to this the prospect of a tiered approach to commission there is little wonder advisers are looking for a financially strong, experienced IFA Group.”
Tenet also attributes its continuing success to their flexible business model, capital strength and IT proposition. The Group has the complete solution for any adviser wherever they are in their advising cycle. Whether they are looking to join a Network, an existing practice or need support for direct authorisation Tenet’s seven operating companies will provide the industry’s best service and commissions available in all market areas including Mortgages and GI.
Speaking about other IFA groups, Hudson says: “IFA’s need to be wary of the empty promises being made by many of the service providers out there – both large and small. Advisers should be looking for a stable, but flexible provider who has the resources in place to help advisers capitalise on opportunities.”
Tenet’s pioneering IT system, ‘Office-Net’, with the ultimate aim of Straight Through Processing, is being phased in successfully. Hudson said: “With rising costs IFA firms need to increase efficiency and the only way to do this is to embrace technology. We are continuing to strengthen the group and are therefore in the fortunate position of being able to invest in leading technology to help advisers run an efficient office with reduced administration and more time to sell.”
Tenet continues to strengthen its levels of support whilst other large service providers’ support declines. Tenet is about to launch ‘The Complete Marketing Toolkit’ providing advisers with a portfolio of marketing material, expertise and guidance to increase help them their income stream. The Group runs over 7,000 professional development events throughout the year and provides office-based and field-based account managers building on its increased reputation for customer focus.
