Tenet has acquired the client bank of Furness Financial Advisers, following a strategic review by its parent Furness Building Society.
Aspire Financial Management, Tenet’s wholly owned appointed representative, will receive 75 post-RDR clients in addition to around 1,500 pre-RDR clients.
Tenet would not reveal further terms of the deal.
The advice firm has been an AR of TenetConnect for 16 years and will remain part of the building society, which is to refocus on savings, mortgages and insurance.
TenetConnect managing director Mike O’Brien says: “Aspire was successful in securing the business and we are delighted that we were able to complete the transaction.
“Because of our long-standing relationship with FFAL we are ideally placed to continue with the provision of the same quality of advice and customer service. This deal could provide a template for any future acquisitions.”
Furness Building Society marketing & sales director Sue Heron says: “After an extensive review, which put our customers’ needs at the forefront of our minds, we took the decision to transfer our financial advice operations to Aspire Financial Management Ltd.
“Tenet Group is a long established and reputable firm that is well known to the Society and, equally importantly, already has a good knowledge of FFAL’s activities. Therefore it made perfect sense for us to take this route.”