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Tenet scheme offers fees payback of up to 80%

IFA group Tenet is setting up a reward programme offering its members the chance of getting up to 80 per cent of their fees back within three years.

The scheme will allocate shares to its network and subsidiary members ahead of its planned sale or flotation within the next two to three years.

Around 10 per cent of issued shares will be divided among members of M&E, Interdependence, IMA and IFA Professional. Shares will be allocated according to the fees paid to the group ahead of the sale or flotation, with an added loyalty bonus for longer-serving firms.

The scheme will dilute the share ownership of not only management shareholders but also external shareholders, including Norwich Union and Friends Provident.

Tenet says this demonstrates its commitment to the belief that by formally recognising members&#39 contributions to the business, the group as a whole will benefit.

There is no prohibitive lockin and the contributions of all members will be acknowledged, even the smallest firms and the newest members.

Members should get 40-80 per cent of the fees they pay back in a lump-sum payment at flotation or sale although the final value of the reward will be determined by the value of the group&#39s equity.

Tenet Group chairman Barry Kayes says: “This is a significant commitment. The scheme rewards all the members and clients who remain loyal to us. There is no catch, it is simply a direct benefit of continuing to deal with us. It is also a meaningful way to attract new members to the group.”


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