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Mortgage Advice Bureau launches wealth service with Tenet

Mortgage Advice Bureau launches wealth service with Tenet

Mortgage Advice Bureau (MAB) has launched a wealth and equity release service in partnership with Tenet.

The project started with 14 wealth advisers but MAB said it has "ambitious" expansion plans using Tenet's business development support.

Steve Humphries, wealth proposition director at Mortgage Advice Bureau, said: "We are delighted to be working with Tenet to launch our wealth and equity release proposition.

"We believe specialisation is key to generating the best possible customer outcomes and working with Tenet to deliver this ensures we have the expertise to support our advisers as we continue to expand our customer offering."

MAB said it selected Tenet because of its expertise in the wealth market and ability to allow firms to provide equity release advice.

Tenet is also dual authorising some mortgage advisers from the main part of MAB to be able to conduct equity release business under the Tenet umbrella.

Simon Broadley, adviser propositions director at Tenet Group, said: "We’re very pleased to be working with MAB on this strategic partnership which supports both companies’ ambitions for sustainable growth.

"With over a quarter of a century’s experience in providing investment network services, we offer an ideal home for developing a successful wealth proposition as well as structured support for writing specialist business, such as equity release."

MAB, which is listed on the London Stock Exchange, saw the average number of advisers in 2017 increase 14 per cent to 1,008 from the previous year.

damian.fantato@ft.com