UK-based Tenet Group has announced it will be closing its wealth business following the completion of a strategic review of the company.
In December 2022, Tenet confirmed to International Adviser it had hires external advisers to carry out a review of the business.
As part of its plans, the group is giving appointed representatives of the Tenet Wealth and Investment Network the chance to join The Openwork Partnership. The fully supported transfer will give advisers and firms the option to retain their independent status in the 2plan Wealth Management network at Openwork.
The agreement could introduce 170 new firms into The Openwork Partnership, as well as add over 360 advisers to the network.
Tenet & You, Tenet Mortgage Solutions, Tenet Financial Services advisory brands and Tenet Compliance Services will remain with the Tenet Group and continue to advise customers without interruption.
Phillip Hilling, chairman of the 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.”
Richard Houghton, chief executive at The Openwork Partnership, added: “Not only does this exclusive agreement represent a brilliant opportunity for The Openwork Partnership commercially, but it also demonstrates our continued commitment to ensuring everyone in the UK has access to financial advice. I’m delighted that we can support those advisers impacted by Tenet’s decision and offer them a positive outcome from the situation.”