Tenet to expand adviser arm ready for RDR opportunities

Issued: 23/03/2010 00:00:00

Support service provider Tenet Group plans to expand its independent advisory business as part of a major transformation ahead of the retail distribution review (RDR).

The Leeds-based firm's distribution and development director, Keith Richards (pictured), said Tenet wanted to grow its directly authorised adviser business.

Tenet has a six-strong whole-of-market adviser team that takes referrals from the network's adviser members if they do not advise on areas like equity release and mortgages. The introducer IFA is paid a share of the commission for passing on the referral.

"We are looking to make sure we are diverse enough to offer the right level of support to existing members, but also able to capitalise on any market opportunities to increase our current capacity to provide advice direct to consumers," said Richards.

"We do not have specific plans on numbers, and we are not looking at creating a national network, so it will be driven by demand and opportunities."

The development of its IFA arm would allow Tenet to take on the client banks of advisers exiting the sector. It already offers a matchmaking service for firms looking to buy and sell and a succession planning service for members.

Source: Nicholas Paler, Citywire, 23rd March 2010