View more on these topics

Ex-PosSol trio could launch rival

Three former Positive Solutions directors are setting up a rival company in the new year, Money Marketing understands.

Former PosSol sales director Chris Smallwood, compliance director Chris Davies and IT director Mark Smith have joined forces to launch the Leeds-based operation.

It is understood the model will aim to emulate PosSol’s success by operating a remote technology-based model.

Both Smallwood and Davies left PosSol in May following a management reshuffle.

Smith left PosSol to join Genesis Home Loans as IT director last year but left that role earlier this year.

All three directors signed restrictive covenants preventing them from approaching existing PosSol partners.

One unnamed PS partner says: “I tend not to take too much notice of what goes on at director level. However, advisers tend to vote with their bank accounts. If they were offering something amazing on fees and matched our technology platform, I might take notice.

“But there is also a certain amount of loyalty. Positive paid out on their profit share without any fuss and that loyalty would take some prising away for anyone to move.”

Positive Solutions marketing manager Daniel Harrison says: “Clearly, anyone would want to try and enter into the success and respect we have built up since 1997 but if it was that easy to replicate, surely someone would have done it by now?”

Smallwood, Davies and Smith were unavailable for comment.

Recommended

Date with destiny

Why wrap and profitability are the two main drivers for the IFA sector.

Political parties must pay if their policies fail

If people in hospitals washed their hands as often as this Government, there would be no MRSA crisis, I am sure. As we saw in James Salmon’s article last week, the Government is now saying that the 125,000 pensioners who lost their pensions should have taken advice (presumably to transfer out of their doomed scheme). […]

Broker Talkback

Was 2006 a good year for your business?

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment