Tenet completes latest practice buyout
Issued: 08 October 2018
Tenet has completed its latest practice buyout, with the acquisition of Preston-based wealth management firm, Elementum Ltd. The three-adviser firm has been with Tenet’s investment network since 2006 and both directors, Peter Pearson and Martyn Slater, will be staying with the company to help with the transition and further develop the business as a regional hub.
This follows the purchase of the 200-strong client bank of Blackmore Vale, a sole adviser firm from Dorset, in May this year.
Elementum continues to trade as its own brand and becomes a subsidiary of Tenet's own advice company, Aspire Financial Management, adding £80m of funds under management to the group.
Tenet launched its practice buyout scheme in January, following a pilot stage, to offer its network member firms an exit strategy for retirement, with peace of mind regarding the continuity of advice standards for clients under the Tenet umbrella.
Tenet chief executive, Martin Greenwood, comments:
"I'm pleased to welcome Martyn and Peter to the group. Succession planning is traditionally a tricky issue for advisers, who want to realise the value they have built up within their firm at the same time as retaining a safe home for their client bank. Since the launch of our practice buyout scheme, we’ve had a lot of interest from our network firms and are in advanced discussions on a range of deals, from smaller client bank acquisitions to larger company buyouts."
Martyn Slater, director of Elementum Ltd comments:
"With over 50 years in the industry between us, Peter and I value our long standing relationship with clients and it was of primary importance that they would continue to receive the same quality of service we have built our name on."
Fellow director, Peter Pearson, added:
"Selling to Tenet gives us peace of mind and we are looking forward to continuing to grow the business and developing our successful long term relationship with the group."