The hot question in mortgage industry nowadays is “how Many Advisor Firms Left Tenet Network in 2022”. As Per FCA register, 110 firms of advisors left Tenet Network in 2022. This is by far more than any network in the UK. On the other hand, only four firms joined Tenet in the year 2022. Keeping in mind the financial situation of Tenet Group and other disturbing news coming from this disturbed network, it is very strange that these four firms joined Tenet.
The names of these four firms who joined Tenet are as follow:
- Feuell4life Limited joined on 18 October 2022
- Foxbrook Mortgage & Finance Ltd joined on 23 August 2022
- AM Mortgage Solutions Ltd joined on 25 April 2022
- SMCG Wealth Limited joined on 03 March 2022
Tenet Network consists of three compliance companies:
- Tenet Connect Ltd
- Tenet Lime Ltd
- Tenet Connect Services Ltd
All four firms mentioned above joined Tenet Connect Ltd. No one joined Tenet Lime Ltd or Tenet Connect Services Ltd. Following table shows the five years history of these three compliance companies of Tenet Network:
TenetConnect Limited Total firms 162
| Tenet Connect | 2022 | 2021 | 2020 | 2019 | 2018 | Total |
| Number of Firms Joined | 4 | 14 | 12 | 10 | 12 | 52 |
| Number of firms left | 38 | 39 | 27 | 8 | 17 | 129 |
TenetLime Ltd Total firms 156
| Tenet lime | 2022 | 2021 | 2020 | 2019 | 2018 | Total |
| Number of Firms Joined | 0 | 0 | 13 | 23 | 17 | 53 |
| Number of firms left | 59 | 65 | 64 | 26 | 19 | 233 |
TenetConnect Services Limited Total firms 54
| Tenet Connect | 2022 | 2021 | 2020 | 2019 | 2018 | Total |
| Number of Firms Joined | 0 | 0 | 0 | 0 | 0 | 0 |
| Number of firms left | 12 | 14 | 10 | 3 | 11 | 50 |
Source: FCA register.
As at the end of 2022, there are total 372 firms of advisors under compliance with Tenet Network. In the last five years, 129 firms of advisors left Tenet Connect Ltd and only 52 joined in five years. On the other hand, 233 firms of advisors left Tenet Lime Ltd and only 53 joined in last five years. Similarly, 5o firms of advisors left Tenet Connect Services Ltd and none joined in five years.
Tenet Group has seen a rapid decline in all areas of their operation including the turnover, profits, equity and number of advisors. The model in which Tenet Group operates is not working for them. In the accounts for the year ended 30 September 2021, Tenet Group showed a record loss of £21.6 million. As a result, the equity of Tenet Group reduced by one third from £31 million in 2020 to just above £9 million in 2021. The shareholders were forced to inject fresh equity to avoid going concern.
It is reported that the main shareholders of Tenet Group are considering to put Tenet Group on sale.
Pingback: List of blogs about Tenet Network - Tenet Network
Pingback: Tenet Network terminates contratcts of low turnover advisers - Tenet Network
Pingback: Best and Worst Mortgage Networks / IFA Networks in 2022 - Tenet Network
Pingback: Another 18 Advisor Firms Left Compliance Network Tenet Group since January 2023 - Tenet Network