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First IFA qualifies for profit scheme

A Sussex IFA has pipped other Positive Solutions members to be first to gain shares in the national IFA&#39s £28m incentive scheme.

Within seven weeks of the Prophitshare scheme&#39s launch, adviser Patrick Stuart has already hit the £50,000 qualifying turnover threshold.

The incentive scheme, financed by parent company Aegon, could see advisers share in a pool of £28m, the size of which will be determined by the company&#39s 2006 results.

The scheme gives advisers a share in the pool for each pound earned over £50,000. Positive Solutions estimates that each share could be worth around 54p.

It says an adviser bringing in £100,000 could receive a bonus worth £54,000.

Stuart is the first of Positive Solutions&#39 910 IFAs to qualify and the company expects hundreds more to reach the same threshold within the next 12 months.

Stuart says: “I am sure I would have made the threshold anyway but it was a matter of timing.

“I had been working for some time on a couple of big investment deals and they happened to come through shortly after the scheme started.”

Director of sales Chris Smallwood says: “Our technology enables us to pay our IFAs daily, so Pat pipped his colleagues to the post in the race to qualify for the Prophitshare scheme.”

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