Tenet has bought two further adviser firms, completing its 2019 buying spree and creating a South East hub.
The advice network announced today (January 6) it has bought Chartwell Independent and Maguire Financial Limited — both based near Bromley in South London — at the end of 2019.
Both acquisitions were made through Tenet's practice buyout scheme which offers its network member firms an exit strategy for retirement.
Tenet launched the scheme in January 2018 and has since made more than 15 acquisitions through the process.
Sally Molony, principal at Chartwell, and Davie Maguire, of Maguire, are both set to retire following the buyouts. The businesses were long-standing members of Tenet's investment network.
The South East hub brings Tenet's 'hub total' to seven, also including Preston, Northampton, Leeds, Edinburgh, Cardiff and Nottingham.
Tenet’s group operations director, Helen Ball, said: "These two acquisitions offered a great opportunity to expand our network of advice into the South East.
"We’ll continue to establish further regional hubs in the year ahead."
The two acquisitions bring Tenet's adviser purchases in 2019 to six, after buying firms in Edinburgh, Preston and Mansfield.
The fact that a large share of advisers are approaching retirement combined with the additional regulations introduced by Mifid II making it expensive to run an advice firm has caused a flurry of acquisition activity in the advice market, which is expected to increase.
Research published by Canada Life last year showed a third of advice firms were considering selling their business and two in five anticipated the sale would be to a larger company.
The movement is also fuelled by a decent supply of both sellers and buyers in the market, with large players the likes of Quilter leading the charge for buyer demand.
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