Northampton & Cardiff based Aspire Financial Management, a wholly owned appointed-representative of Tenet, had bought the client bank assets of Furness Building Society’s financial advice division.
The consideration hasn’t been disclosed, but the deal will add more than 1,500 clients to Aspire, and will allow Furness to dedicate its time to it’s core business of mortgages, savings and insurance.
Furness’s advice arm ‘Furness Financial Advisers’, has been an AR to Tenet Connect for the last 16 years, and remains a subsidiary of Furness Building Society, with the assets only moving to Aspire.
Commenting on the motivation to make the move, Furness Building Society’s marketing and sales director said:
“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.
“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.”
Mike O’Brien, managing director of Tenet Connect, said: “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.”