It also confirmed speculation from last week that 10 per cent of investment advisers had de-authorised post-RDR. The majority of these advisers were switching to focusing on non-investment business or were practicing principals who were moving to day-to-day management of their firm.
However, Tenet said its gross adviser numbers had increased compared to same period a year ago. The firm said this was due to consolidation taking place in the investment sector.
Keith Richards, Tenet Group distribution and development director, said he felt the position might change over the next few years.
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He said: "Whilst we expected the majority of advisers to maintain an independent status it is possible that this position may alter over the coming months and years as advisers evolve their business models as it should always be the adviser's preferred business proposition that determines their regulatory status.
"For many advisory firms, the longer term move to a fee and service-based proposition will ultimately create a more stable and profitable business model but of course many are just starting the early stages of transition.
"The unintended consequences of RDR have yet to be fully realised and the true impact on the wider industry will no doubt unfold during the next three years."

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