Dashly is a switching tool that users sign up to that sends notifications telling them when they can switch to another mortgage deal that will save them money.
The three-way tie with Personal Group means that employees of firms that use the group’s personnel benefits, and who have signed up to use Dashly, will be passed through to a Tenet & You broker to receive mortgage advice. If the mortgage switch is worthwhile, the broker will process the transaction.
Personal Group provides employee benefit services to large companies such as DHL and Royal Mail as well as small and medium sized businesses.
More than one million employees are members of Personal Group. The company supplies employees with an app called Hapi that allows them to access employee benefits such as discounts and gym memberships. Dashly’s mortgage monitor, also located in the app, is being rolled out to employees in phases with a target of 50,000 employees in phase one.
Speaking to Mortgage Solutions, Tenet Group chief executive Mark Scanlon (pictured) said: “We have leading-edge technology from Dashly, the Tenet & You advisers and then you have the source of business from Personal Group, which is breathing life into this endeavour and the product. We acted as the lynch pin in bringing those elements together.”
Eye on expansion
Given the potential number of leads this could generate, Scanlon has an eye on the expansion of Tenet & You.
Tenet & You is Tenet’s own advice division. Former Tenet Lime MD Simon Broadley was placed in charge of one of Tenet’s own mortgage advice firms, Tenet Mortgage Solutions, which sits within the Tenet & You arm. Tenet Mortgage Solutions was the result of the acquisition of Police Mutual’s mortgage advice arm.
Around 30 advisers work within Tenet & You. Scanlon thinks there is the capability to expand the business to 100 advisers in the next 12 months.
The roll out of Dashly among Personal Group users will be controlled and slow so Scanlon said there is time to grow Tenet & You in the same way.
Scanlon said there were three growth opportunities: approach firms outside the Tenet Connect network, acquire appointed representative firms from within the network that are interested in a change of ownership, and strike up new trading relationships with companies like Personal.
“We have one mortgage firm under consideration at the moment to buy into the business,” added Scanlon.
Tenet is also interested in other opportunities to use Dashly’s software in its business.
“If we look beyond where this has begun, there is no reason why the mortgage monitor wouldn’t be a consumer product. Being inside that app with Hapi is a key enabler, that’s our first real venture into consumer-facing digital activity, but if we were to take the app which it lives in and just turn it towards the general customer base then there is an opportunity specifically for Dashly and for mortgage monitoring, and of course it could go wider than that into wealth management and all the other things we could do.”
As well as Tenet & You, Dashly has also been working with MMD and mortgage club Paradigm Mortgage Services.
