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Networks continue to sign up ex-Honister advisers

Tenet and Openwork have taken on more than 200 former Honister advisers over the past three weeks.

When Honister entered administration last month, about 900 advisers were left unable to give authorised advice.

Tenet says it has around 170 ex-Honister advisers going through the induction process.

Distribution and development director Keith Richards says: “We have 170 advisers going through the process of induction at the moment and we are looking to get these guys up and running as soon as possible.”

Openwork says it has taken on 45 ex-Honister advisers and is expecting more to join over the coming weeks.

Openwork proposition and marketing director Philip Martin says the firm has turned down 15 advisers due to concerns over meeting the RDR qualification deadlines or other quality issues.

He says: “Our recruitment policy is about quality not quantity, and the fact we have rejected one application in every three reinforces that.”

SimplyBiz joint managing director Matt Timmins says: “We have had over 100 enquiries and close to 80 individual meetings booked. More than 50 per cent of these firms are looking for a short-term solution under an appointed representative or registered individual model before moving to direct authorisation. Nearly all of the firms are looking to go direct over the medium to long term.”

Positive Solutions says up to 100 former Honister advisers could join the firm, Intrinsic says it has had 50 applications and Sense network says it will take on a maximum of 65.

Lighthouse and Sesame refused to disclose how many former Honister advisers they are taking on.

Nhance Independent Financial Planners director Peter Flowers says: “It is good to see these advisers finding new homes.”

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