Financial planners join Leeds-based IFA network

Leeds-based independent financial advisory network, Tenet, has snapped up a Preston financial planners and wealth managers.

Elementum has worked with Tenet since 2006. The deal, for an undisclosed sum, will see two of its three advisers – Peter Pearson and Martyn Slater – stay with the firm which will continue to trade under its own brand, while becoming a subsidiary of Tenet’s advice company, Aspire Financial Management, adding £80m of funds under management to the group.

Tenet launched a ‘practice buyout’ scheme in January after a pilot programme. It offers network members, like Elementum, a opportunity for exit, or retirement.

Tenet chief executive Martin Greenwood said: “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.”

Tenet aims to build on its acquisition of Elementum to develop a regional hub.

Elemementum director Martyn Slater said: “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.”

Among the financial planning advice that Elementum offers clients are investment, tax planning and pensions.

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