National IFA network Tenet has acquired Preston-based Financial Planner and wealth manager Elementum for an undisclosed sum. 

The three-adviser restricted advice firm has been with Tenet since 2006 and both directors, Peter Pearson and Martyn Slater, will be staying with the company which is being bought as part of Tenet’s new ‘practice buy out’ scheme.

Tenet plans to use the company, an appointed representative of TenetConnect, to help build a regional hub.

Elementum describes itself as offering “Financial Planning advice” with a range of services including investments, tax planning and pensions.

Elementum will continue to trade under its own brand and becomes a subsidiary of Tenet’s advice company Aspire Financial Management adding £80m of funds under management to the group.

Tenet launched its practice buyout scheme in January, following a pilot, to offer its network member firms an exit strategy for retirement. Tenet bought the 200-strong client bank of Blackmore Vale, a sole adviser firm in Dorset, in May this year.

Tenet chief executive Martin Greenwood, said: “I’m pleased to welcome Martyn and Peter to the group.

“Succession planning is traditionally a tricky issue for advisers, who want to realise the value they have built up within their firm at the same time as retaining a safe home for their client bank.

“Since the launch of our practice buyout scheme, we’ve had a lot of interest from our network firms and are in advanced discussions on a range of deals, from smaller client bank acquisitions to larger company buyouts.”

Martyn Slater, director of Elementum, said: “With over 50 years in the industry between us, Peter and I value our long-standing relationship with clients and it was of primary importance that they would continue to receive the same quality of service we have built our name on.”