Tenet has completed its second practice buyout this year, buying the client assets of a Preston-based adviser as part of his succession planning.
The deal to buy Colin Galbraith Independent Financial Services further bolsters Tenet's presence in the north west of England, following its acquisition of another Preston-based wealth management business in April.
The acquisition will see the adviser's clients serviced by Tenet's own advice company Aspire Financial Management.
The advice firm's principal, Colin Galbraith, has been a Tenet network member for more than 24 years and will not be transitioning with his clients.
Tenet launched its practice buy-out scheme in January last year to offer its network member firms an exit strategy. Since then the network has acquired 14 adviser practices.
Mark Scanlon, chief executive at Tenet, said: "This acquisition offered a great opportunity to further develop our north west hub, as well as aid the retirement of a long-serving Tenet member, giving Colin peace of mind regarding the continuity of advice standards for his clients.
"Our practice buyout scheme continues to attract a lot of interest and offers a range of deals for member firms, from smaller client bank acquisitions and share purchases, to larger company buyouts."
Mr Galbraith said: "Having been a Tenet member since 1995, I have seen first-hand the way the network has supported its members in adapting to the many changes in financial services since that time.
"It is with great confidence that I am passing on my clients and I am grateful for the ease of transition into retirement that Tenet’s practice buyout process has facilitated."
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