As part of improvements, it is to provide an online calculator, to give firms an estimated monetary value of what their entitlement may be worth in the event of flotation or sale.
Tenet originally launched its Member Reward Scheme in 2002, and felt the time was right to re-launch across all Group support brands, to recognise the value of its acquisitions over the last few years.
Tenet Group chief executive, Simon Hudson, commented:
“As one of the leading distribution groups in our sector, it is important we continue to demonstrate additional value. We recognise and respect the contribution our members and clients make to the Group’s ongoing success and this is our way of reciprocating in a tangible form. For the first time since launch we are providing an indication of potential future value to each firm, which is influenced by the length of association, amount they pay in fees or retention and the contractual notice period they are on. The scheme rewards all the members and clients who remain loyal to us, although the rewards are obviously enhanced for those who contribute most to the Tenet Group and for those who have maintained the longest relationships with us.”
The calculator can be viewed by all member firm Principals on Tenet’s secure Extranet, allowing them to input their own details and view what their association with Tenet could be worth.
Nigel Francis of Francis Financial Services Limited commented:
“The information on the Tenet extranet allows members to fully understand the rules of the scheme, together with the benefit of being able to calculate the individual firms’ reward, through the reward scheme calculator. As a member of Tenet, it is appreciated that we are recognised by the network as contributing to its success. “
