"Openwork and Primis have strong reputations for supporting appointed representatives and they can be confident that their new homes will allow them to grow with the support, freedom and control their businesses need."
Tenet Group has announced two transactions affecting its appointed representative networks.
As part of the Group's strategic review, members of the Tenet Wealth & Investment Network will be offered a fully supported transfer to The Openwork Partnership, with the option to retain their independent status in the 2plan Wealth Management network.
Openwork has more than 4,500 financial advisers based in over 820 firms and are supported by over 600 employees.
In addition, LSL Property Services, owner of Primis Mortgage Network, has acquired mortgage and protection advisory network TenetLime.
TenetLime operates a network providing services to 231 mortgage and protection advisers, operating within 133 appointed representative firms. Its advisers arranged c.£3.9bn of mortgages in 2022.
After a short period of transition, TenetLime members will be integrated fully in the operations of LSL's Primis Network.
The LSL transaction also includes consideration for the recruitment by TenetLime of 47 mortgage and protection advisers operating within 24 appointed representative firms, that are currently members of TenetConnect and TenetConnect Services, that are expected to transfer to TenetLime prior to completion.
The Tenet & You, Tenet Mortgage Solutions and Tenet Financial Services advisory brands will remain with the Group, alongside Tenet Compliance Services.
The process of transferring customers, advisers and colleagues are expected to complete by mid-2024.
Phillip Hilling, chairman of Tenet Group said: “The Board of Tenet is pleased to announce the completion of our strategic review which concluded that these transactions affecting Tenet’s appointed representative networks are in the long-term best interest of all stakeholders, and we are delighted to have secured well-established, successful businesses with matching cultures for our customers and their advisers. These outcomes provide certainty and sustainability for our appointed representatives, customers and employees and support our ultimate objective of producing good consumer outcomes. We look forward to working with Openwork and LSL (Primis) in ensuring a smooth transfer of appointed representatives and our employees. On behalf of the Board, I would like to thank our colleagues for their support and hard work in achieving this successful conclusion and wish them well for the future.”
Helen Ball, CEO of Tenet Group, commented: “Openwork and Primis have strong reputations for supporting appointed representatives and they can be confident that their new homes will allow them to grow with the support, freedom and control their businesses need. Our focus now is to work with all the parties in these transactions to deliver a smooth transition for our stakeholders.”
David Stewart, group CEO of LSL, commented: "I'm delighted we have been able to complete this transaction and I look forward to welcoming TenetLime's advisers to our Primis Network. The increase in membership will help us to further invest in our service offering to member firms as well as delivering scale economics to support further growth. The acquisition also underpins our leading position in the mortgage and protection network market and is fully aligned with our Group strategy to develop our Financial Services Network business."
