The Openwork Partnership has entered into an exclusive agreement with Tenet’s wealth and investment network.
Appointed representatives (AR) of Tenet’s wealth and investment network will be offered a supported transfer to Openwork and have the option to retain their independent status in the 2plan Wealth Management network.
LSL Property Services has acquired TenetLime, the regulated mortgage and protection advisory network with 133 ARs.
Tenet and You, Tenet Mortgage Solutions and Tenet Financial Services will remain in the group and will continue to advise customers without interruptions.
Tenet Compliance Services is also retained in the group.
Customers, advisers and colleagues will be managed by Tenet in close cooperation with other parties and moves will be completed by mid-2024.
Tenet: ‘In the best interests of all stakeholders’
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 AR 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 AR, 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 ARs 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, chief executive officer of Tenet Group, added: “Openwork and Primis have strong reputations for supporting AR 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.”
