Advisers say Tenet distribution and development director Keith Richards’ replacement must be from an advisory background if his good work on behalf of members is to continue.
Richards left the network last week to join the Personal Finance Society as chief executive.
A note sent to Tenet members said Richards left to pursue new opportunities in the financial services sector.
Direct Financial Planning IFA Phil Cross says: “Keith has left the business in a great position, so the new person coming in is quite fortunate in that respect.
“We need someone from an advisory background who will pick up where Keith left off and fight our corner. People from compliance and regulatory backgrounds do not understand the plight of advisers, especially in the current climate.”
Anand Associates managing director Bhupinder Anand says: “I am extremely disappointed Keith has left as he has been very valuable to the Tenet network.
“I want to see someone come in with advisers’ interests at heart, not a bureaucrat or someone with a compliance background who would not be interested in advisers’ needs as Keith is.”
Richards joined the network in 2004. He is also chairman of the Tax Incentivised Savings Association adviser protocols working group.
Richards says: “I joined Tenet when its financial circumstances and standing within the market were very different from what they are today. I move on in the knowledge that it is both better positioned and in better shape than when I joined.”
Tenet executive chairman Martin Greenwood says: “His insight and influence will be a loss to the business and I would like to thank him for his valuable contribution and commitment over the past nine years. We wish him every success in the future.”