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Tenet creates third MD role to ‘bulk up’ adviser network

Tenet creates third MD role to ‘bulk up’ adviser network
Steve Jones, Tenet's third MD

Tenet has created a third managing director role in an effort to “bulk up” its adviser network business. 

Steve Jones, Tenet’s adviser relationship director who has worked at the network for some 25 years, has taken on the newly created role.

He joins the group’s two other managing directors, Warren Vickers, MD of Tenet Compliance Services, and Simon Broadley, MD of Tenet Mortgage Solutions.

A spokesperson for the network told FTAdviser: “This role is new and focused on the group’s network services and ARs.”

They added the role was designed to “bulk up” Tenet’s network business, forming part of the group’s wider growth strategy which also saw it buy a Leeds-based wealth management firm and appoint a chief financial officer in August.

Jones will lead the scale up of Tenet’s network arm with the help of Rosie Shearer, who has taken on the role of business support team leader. Shearer re-joined Tenet after first joining the company more than ten years ago.

The group, which has £32m in net assets and is backed by Aviva, Abrdn and Aegon, said the two will “further strengthen member support and help integrate technology investments”.

Mark Scanlon, Tenet’s chief executive, said today (January 5): “Our network continues to grow in strength, and we’re delighted with the quality these changes bring to Tenet.”

Scanlon praised Jones’ “extensive knowledge” of the business and the industry, adding: “There is no one better positioned to help us on the next stage of our exciting growth journey.”

He continued: “Likewise, Rosie brings with her incredible experience and knowledge, and we know she will help us greatly in ensuring our members and their clients continue to receive the very best support and reassurance.”

Mortgage network struggles

In recent years, Tenet’s network has struggled to retain mortgage ARs due to a switch of back-office systems in 2019 to Intelliflo Office.

Data from the Financial Conduct Authority Register showed a total of 107 firms ceased to be listed as appointed representatives of the network between October 7, 2019 and July 30, 2021.

The group has since told FTAdviser the departures were “natural attrition and in line with previous years”, adding that it has invested further in training and support.