The Tenet Group  

Tenet investment network hires leap 40%

Tenet investment network hires leap 40%
 Mark Scanlon, chief executive at Tenet Group

Tenet Group has hailed 2019 as one of its best years for recruitment, with a 40 per cent jump in advisers joining its investment network. 

The company started the year on a high following a positive set of 2018 results which saw a jump in both earnings and profits, up to £2.5m and £1.6m respectively. 

Mark Scanlon, chief executive of the Tenet Group, said the year that followed had been one of the best yet for recruitment. 

He said: "This year has been one of our best years for recruitment, with a 40 per cent growth in our investment network new joiners and over 50 per cent for our directly authorised support proposition.

"We plan to concentrate on growing and developing these core elements of our business, which includes our mortgage and protection network and our fully owned national advice firm, Aspire." 

Mr Scanlon, who took over the reins from Martin Greenwood in April, added: "I very much believe in the mantra that advisers will never be replaced with technology but they will be replaced by advisers with technology.

"We continue to enjoy the full support of our major shareholders, who have a strong desire to see the business continue to succeed and develop and to see what we can achieve as a group."

During 2019 Tenet focused on its practice buyout scheme, first launched in January last year to offer network member firms an exit strategy. 

This year the company completed two deals with Preston-based advisers, as well as buying an Edinburgh-based IFA firm and two Nottinghamshire-based member firms.

Mr Scanlon said: "Looking to the year ahead, we have further acquisitions in our sights via our established practice buyout scheme, with a view to increasing our regional profile.

"We also want to expand our business development support, to help our member firms grow and realise their potential.

"Growth in our protection business and GI is another key theme and we will be working with our top protection providers to enhance our offering and increase the number of protection conversations with mortgage clients."

He added: "Unlike a lot of our peers, we remain open for business for defined benefit pension transfers, but we are seeing a reduction in cases as an increasing number of the ‘at retirement’ market have already flexed their pension freedom muscles." 

rachel.mortimer@ft.com 

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