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How Tenet bosses 'future-proofed' the business

How Tenet bosses 'future-proofed' the business

The chief executive of Tenet has said 2018 was a year when the business was "future-proofed" amid an array of changes across the industry.

Martin Greenwood said over the course of the past year, Tenet had "embedded a refined strategy" and leadership team, while growing its turnover, adviser numbers, advocacy levels and profit.

He said: "Our practice buyout scheme was officially launched at the start of the year following a pilot stage and we now have six acquisitions under our belt, ranging from smaller client bank acquisitions to larger company buyouts.

"This came from the recognition that succession planning is traditionally a tricky issue for advisers, who want to realise the value they have built up within their firm at the same time as retaining a safe home for their client bank.

"The year also saw new partnerships for us, including with Mortgage Advice Bureau to launch its wealth and equity release proposition and with Twenty7Tec, as our preferred supplier for mortgage sourcing."

He added: "It's fair to say that there could be some interesting times ahead in terms of political and financial uncertainty but it’s at these times where clients will look for guidance and reassurance and where advisers can really build on their trusted relationships."

Mr Greenwood added pensions advice, and in particular defined benefit transfer advice, was firmly in the spotlight in 2018, and he didn’t foresee this to be changing. 

He said: "2018 is likely to be a year that stays in our memories for football almost coming home and having some actual summer weather.

"It’s less likely to enter the annals of time as the year of Mifid II, GDPR and Insurance Distribution Directive implementation but these were nonetheless regulatory evolutions that we spent a lot of the past 12 months ensuring our advisers were ready for."

damian.fantato@ft.com