View more on these topics

Carby heads new Tenet IFA venture

The Tenet Group launched a new IFA this week called Foster Denovo and headed by exec- utive chairman Keith Carby.

Foster Denovo – foster mea-ning to nurture and de novo meaning new and better – will transfer Capital Planning adv-isers producing more than 100,000 a year.

The firm intends to grow organically and says it will not be conducting any recruitment drive, wanting to remain exclusively the domain of high- producing IFAs.

Capital Planning has 109 RIS with an average turnover of 85,000 and Carby says he hopes all of them will move across as soon as they meet the entry criteria.

Affluent private clients and successful corporations will be targeted as Tenet recognises the majority of UK consumers cannot afford true independent financial advice.

Carby says many IFAs are weighed down with admin, preventing them from spending time with clients.

Foster Denovo’s strategy – a national brand supported by a team of professional support staff – will allow advisers to concentrate on giving advice. Carby wants one member of support staff to work to eight advisers but there is likely to be a higher ratio of admin to advisers during development.

Executive chairman Keith Carby says: “I am totally committed to true-blue indep-endent financial advice, truly and for ever. This business will serve alongside the other Tenet business models. We are not claiming that any one is any better or worse than any other, just different.”

Recommended

PI firm Fabien collapses with debts of 700,000

PI broker Fabien Risk Serv- ices has gone into liquidation and is under investigation by the FSA. The firm, whose client list included IFAs and an as yet unnamed adviser network, collapsed earlier this month with debts of over 700,000. Begbies Traynor has been appointed as liquidator fol-lowing a meeting between creditors and shareholders on […]

Mixed response as Bernanke named Greenspan successor

The appointment of President Bush’s top economic adviser Ben Bernanke to succeed Alan Greenspan as US federal reserve chairman has sparked a mixed response from the investment community. As bond markets in the US weakened and equities strengthened on the announcement, Baring Asset Management warned that Bernanke’s reign could bring further volatility to US inflation. […]

IMA calls for common disclosure regime

The IMA says the FSA should adopt a common disclosure regime covering all products available to retail investors, in response to the regulators recent discussion paper on a wider range of retail investment products. While the IMA does not think hedge funds should be marketed directly to the public it says other routes providing diversification […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment