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.