Tenet’s decision to close down its networks after over 30 years has been branded a “sorry day for the sector” by leading network expert Paul Day.
Earlier this morning it emerged that Tenet advisers would be moving to Openwork, 2Plan or LSL. The TenetLime mortgage network was sold to LSL, owners of PRIMIS, in a deal valued at up to £12.9m.
This will see a total of 231 mortgage and protection advisers, operating within 133 appointed representative firms, make the move to PRIMIS.
Despite having faced bad press as advisers left in the face of claimed technology and service issues TenetLime still arranged about £3.9bn of mortgages in 2022.
In response to the news Day, managing director of Network Consulting, has cautioned principals of the impacted firms against making any knee-jerk decisions.
He said: “This is a sorry day in our industry, to see a long-standing Network of over 30 years go this way. Although, with the many negative press articles we’ve witnessed, it isn’t altogether a surprise. Undoubtedly, any affected firm will feel uncertain about their future given the prior coverage and now this.
“Openwork, 2Plan and LSL are strong offerings and businesses but with very different propositions to Tenet, that said, I would urge any affected firms to listen to what they have to say before doing anything.
“Whatever it looks like, each firm principal will need to understand the changes imposed, the implications of the proposition changes and read the contracts fully, so they know what they are offering their customers and what terms are being offered to them individually, along with any covenants.
“It has to be said that many may see this as an opportunity to take stock of what they actually want, at the end of the day, this is an enforced change and if it doesn’t suit their business model or values then they should look to change on their own terms. However, they must understand what is offered first before making a knee-jerk reaction.
“Right now, every other network available will be in contact with Tenet AR’s trying to lure them away, telling them they are the best network. Before making any move, any affected Tenet firms must think about what they want versus what is being offered and ask themselves; what do I definitely want? What do I definitely not want? What can I compromise on? This will help steer them to a decision that is right for them.”
