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Tenet launches “wrap of wraps”

Tenet has launched a “wrap of wraps” which gives advisers access to all major platform providers.

The platform, Tenet Advantage, has been developed with Focus Solutions, which integrated its wealth management and mortgage sales software into Tenet’s back-office system.

As revealed in this week’s Money Marketing, the platform handles investment, pension, protection and mortgage business and offers automated and standardised suitability letters, a portfolio of valuations and activity reporting and analysis, as well as links to third parties’ quotation portals. Tenet says the system will help advisers demonstrate their independence by showing they are considering the whole market.

It says it was developed at a significant cost but will not reveal the total spent on the project. The platform was soft-launched to around 20 members in June and will be rolled out to all members in the fourth quarter.

Distribution and development director Keith Richards says: “Tenet Advantage represents a major investment by the group to provide a future-proof technology platform for our clients to operate from.”

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Comments

There are 20 comments at the moment, we would love to hear your opinion too.

  1. Boring, yet another platform in an already saturated market that probably will not survive

  2. Exactly! Let’s waste network members fees on something they don’t want, rather than cut our fees in these difficult times.

  3. A single point of entry to all platforms is NOT just another platform…

    We may now have suceeded in achieving something similar through our back office system. The goal is for clients to log on to our site and see all their plans and investments from one point of entry – ours! Thus adding value & underlining our independence.

    Ultimately we plan to charge…

    It will be VERY interesting to see whether Tenet really have made this work. So no anonymous, not boring at all…

  4. Oh dear, old mistakes repeated – think Capita Enabler (now closed)

  5. At risk of being contentious may I suggest that those that:

    a) hide behind anonimity and
    b) regard times as hard

    do so precisely because they are closed to the opportunities (such as above) around them?

  6. Am I incorrect in thinking that all of the above benefits are already provided by a back office system like intelligent office?

    I suppose this will come down to cost…

  7. Tenet may want to try to get their existing systems working properly before introducing new ones

  8. News flash.

    I am just about to launch the “Wrap of Wraps” Wrap.

    This will demonstrate even more independence and completely future prooof technology.

    Unless of course……

  9. Interesting – “access to all major platform providers.” – I wonder which ones they are? I bet that there will be some that wil not survive RDR – but I supppose by linking to a nuber – it won’t matter so much!
    I do hope that re-registration agreements are sorted between all these linked platforms before then though – otherwise………!!

    Good luck to them for at least trying to get the market moved to where we all know it really should be!

  10. Tyburn Asset Management 3rd August 2011 at 2:33 pm

    I think you have just wasted your money.

  11. Does not IntelliFlo do the same thing? (and more?)

  12. @Richard

    Sorry beat you to it I am launching the wrap of wraps. Not only does it values all your plans on one platform, it cooks your tea, checks your oil in the car, goes to the dry cleaners and does everything else that a client could want and more!

    Sorry the sun has got to me in the office her in Wales!

  13. smack to me of charges with in charges and profits Tenet big time!!!

    move on I say

  14. Sorry !! is this the software that they have been lunching for 2 plus years, then use the same IT provider to make a WRAP of WRAP’s ?? this as anyone knows is not possible or relevant.
    1, you can only interact with a company and system that wants to and has a posted API that you can use? Not every decent WRAP provider can provide this or will. Therefore a very limited operation me thinks.
    2, Are they suggesting that the transactions are completed in back office solution and then pushed to the WRAP provider enabling multi WRAP’S per client. Unless I am mistaken are most WRAP providers just the insurance companies skimming off of each other so that you cant just move a FP fund from one platform without first selling it and then re investing with the new WRAP. And how often are you getting the advisers to do this and at what point will the network recommend that the adviser does this. Hummm Independence

  15. I might just stick to my 1st license which appears to do exactly the same without any nonsense title! Wrap of wraps???? Ridiculous (as well as physically impossible!).

  16. Former Network Member 3rd August 2011 at 5:28 pm

    As a former member of Tenet I can tell you that getting away from them is like extracting teeth! If you ever fancy getting away from Tenet then be very cautious about embedding your clients in a Tenet “wrap of wraps”, where Tenet control the on off switch! You need to maintain a clear exit strategy and ask yourself why certain Networks maintained radio silence over RDR!

  17. They may have changed but when I was there they couldn’t ever get the commission payments correct and you could whistle in the wind for the correct trail fees!

  18. it feels like the system build sales people are even more skilled than IFAs. Build it and they will come ….folly..fancy…fantasy

  19. This is not new! To my knowledge systems like Intelliflo do this already, Avello are developing this now.

    PS national IFA have it True Potential have the direct space and Best Practice have the network space covered already and offer the same to large IFA’s direct.

    If they are saying this is the way forward then why not check out the above first as the IT is already here.

  20. @ john 6:39 TP’s system comes with the sting in the tail that you pay them a % of your turnover!!!

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