Tenet’s Aspire Financial Management has bought the client bank of Furness Building Society’s financial advice arm.
Aspire, a wholly-owned appointed representative of Tenet, made the deal for an undisclosed fee.
Furness Financial Advisers has been an appointed representative of Tenet Connect for 16 years and will remain a subsidiary of Furness Building Society, which has decided to focus on its core business of savings, mortgages and insurance.
Sue Heron, Furness Building Society’s marketing and sales director, said: “After an extensive review, which put our customers’ needs at the forefront of our minds, we took the decision to transfer our financial advice operations to Aspire Financial Management.
“Tenet Group is a long-established and reputable firm that is well known to the society and, equally importantly, already has a good knowledge of FFAL’s activities. Therefore it made perfect sense for us to take this route.”
As part of the deal, more than 1,500 clients will transfer from Furness to Tenet. One adviser from the building society has also been transferred across.
Mike O’Brien, managing director of Tenet Connect, said: “Aspire was successful in securing the business, and we are delighted that we were able to complete the transaction.
“Because of our long-standing relationship with FFAL, we are ideally placed to continue with the provision of the same quality of advice and customer service. This deal could provide a template for any future acquisitions.”
In 2013, Tenet stepped in with a rescue package to save Merchant House Financial Services after it went into administration, with all the company’s advisers transferred into Aspire Financial Management Limited.