Mr Scanlon adds: “However it’s a big change, and as such we’re increasing our training support to ensure that our advisers are fully equipped to take advantage of the new system.”
Tenet Group upgraded the CRM system for all TenetLime and TenetConnect advisers and completed a full proposition review of TenetLime, TenetConnect and TenetSelect, interviewing over 300 advisers.
Tenet Group is currently in the third year of its five-year strategic plan. The last year contributed significantly to its plan as Tenet on-boarded 239 advisers into the network and 34 new companies to the directly authorised proposition.
In 2018 Tenet also launched its practice buyout scheme, and in September it made its first acquisition in Scotland.
10: LEBC Group
For LEBC Group, the highlight of its year was launching a bionic advice service.
LEBC Group came in at 10th place, a significant leap from last year’s ranking of 41.
The interactive tool puts clients in control of their finances and enables both the adviser and client to work together to achieve financial goals.
According to the list compiled by Matrix Solutions, the company’s assets grew from £860m to £1.6bn in the period of the second half of 2018 and the first half of 2019.
In addition to the introduction of bionic advice, LEBC Group also launched a digital app, enabling clients to manage their spending and saving with real time insight into their income and outgoings.
The app also sets goals for spending and saving.
Kay Ingram, director of policy at LEBC Group, says: “After five years of continuous growth in both turnover and profits, this year has been a challenging one, but we expect to remain profitable on a reduced turnover.”
LEBC Group’s five-year plan is to “transform the access to top quality financial advice so that a more affordable model of advice can be delivered”.
Ms Ingram says: “We look forward to resuming our path to growth and using our investment in technology and people to create an industry-leading financial planning, guidance and advice business able to widen access to advice for the many not the few.”
In September LEBC voluntarily relinquished its pension transfer permissions to the Financial Conduct Authority, as a result of the watchdog’s DB market review.
Its parent company BP Marsh & Partners stated the IFA’s revenue from advice in the DB transfer market represented 20 per cent of LEBC’s total revenue in the current year.
The ranking can be found here