From Adviser Guide:
Picking a network part 1
Q: What is the process of joining a network?
The process depends on the network.
Nick Kelly, managing director of Sesame Bankhall Group, said to start with you have to fill an application form in.
The networks will then do checks on you – both financial and character – to ensure you are fit and proper and an appropriate person to be part of the network.
Mr Kelly said the network will then sponsor you with the FSA and also arrange induction courses to get you up and running.
Philip Martin, proposition and marketing director of Openwork, said there may be an event welcoming you in, followed by a comprehensive induction programme that includes training courses so that you adapt quickly to the network’s sales processes, quality checking procedures and technology.
At Tenet, once a firm’s tailored proposal has been agreed, their application will be passed to the client authorisation team to process.
This will include the following:
1) References requested for each adviser.
2) Financial review, credit check search and infrastructure review.
3) Review of stationary and advice on any changes required.
4) Assigned a T&C supervisor and if applicable a member firm supervisor.
5) Invitation to attend an induction course.
Upon authorisation, Keith Richards, group distribution and development director of Tenet, said the firm will be contacted by the new business team to arrange systems training and access and by the relevant departments to arrange their first T&C visit and file checks during an initial period of close supervision.
He said all new Tenet firms also receive a call from a member of the senior management team to welcome them to Tenet and make everything is going smoothly.
Firms will also receive welcome calls from their support consultant to discuss ongoing needs, the events team to discuss the adviser development programme and they will receive bi-monthly T&C field visits until CAS status is achieved.
They also have an initial compliance support visit within the first 3 months, with a full compliance visit to follow between six and 12 months after depending on risk rating.