Your Industry  

Advisers leave Tenet over new back-office system

Mark Scanlon, chief executive of Tenet Group, told FTAdviser: “The recent communication to our network members was to thank them for the very high level of Intelligent Office adoption we have already achieved, and to encourage everyone to use the full best practice Intelligent Office advice journey.

“Our insurer is delighted with the level of usage within the networks, as this gives them more assurance with regard to the completeness of files, upon which members would rely in the event of a claim. This confidence translates into continued support, which is key to our members in a very challenging insurance market.”

When the change of back-office system was first announced in 2019, Tenet said the shift would allow its members to “effectively manage the whole advice process, as well as offering flexibility for members to bespoke it for their particular business model”. 

But advisers initially experienced particular problems with payments from providers, which were either not processed or not allocated properly. Tenet subsequently said the majority of unallocated payments on its system had been processed, and that advisers should be able to see where those payments came from.

Mr Scanlon said the company stood by its move, adding: “For quite some time, our members have asked for a more modern system on which to transact business and Tenet will, over time, invest £10m plus in the Intelligent Office system.

"All back-office systems involve a fee and we continue to see a very healthy pipeline of new prospects and anticipate member numbers will remain broadly static year-to-year.

“Throughout the Covid-19 pandemic, Intelligent Office has proven very resilient and [that] meant there was no interruption to payments, with many more members now using the secure customer portal and integrated video conferencing capability.”

chloe.cheung@ft.com