Tenet is selling its financial advice and mortgage networks to Openwork and Primis, following a strategic review which concluded that the group was in need of “transformation” to remain viable as Money Marketing reports.
The deal could bring170 new firms into The Openwork Partnership adding over 360 new advisers.
Meanwhile, LSL Property Services – the owner of PRIMIS – has acquired TenetLime with 133 ARs. No doubt some firms may seek compliance and/or regulatory services elsewhere.
Tenet will remain a player in support services though reading between the lines, it may be seeking a buyer.
An interesting question may be whether a kind of old style IFA network is still commercially attractive or whether businesses that assert more control may be better placed to cope. The list of challenges Tenet said it faced is also an interesting checklist for all advisers - consolidation, increased regulation, digitisation, new technology expense and the broader inflationary environment.
House prices will fall by 7% before beginning to stabilise at the end of the year analysts at Deutsche Bank have forecast, which they call “a correction, not a crash”.
Job satisfaction was a key reason why people in their 50s left the workforce during the coronavirus pandemic, according to research from Phoenix Group.
Associated Thinktank Phoenix Insights found that the proportion of economically inactive 50-to-64 year olds increased significantly - peaking in May to July 2022 at 27.% as FTAdviser reports. But it has plotted increasing job disatisfaction over time, among this group.
The received wisdom is of course ill-health is a major driver, sometimes blamed on Covid-19 itself.
There is an advice gap amongst the next generation and “all evidence” points to this being the case, according to Schroders head of UK intermediary solutions Gillian Hepburn, as Professional Adviser reports.
Raymond James Investment Services has agreed to stick by FCA restrictions that prevent it from opening new branches or employing new investment managers without the consent of the regulator, as New Model Adviser reports.