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Goodbye Aifa says Towry, hello Reeve says Pos Sol

The biggest splash in the distribution world this week was the scathing attack on Aifa made by Towry Law’s Andrew Fisher as he announced his firm would be quitting the trade body over its position on the RDR.

While Fisher says he is a fan of Aifa director general Chris Cummings personally, he cannot be a part of a trade body that is so anti-RDR when he himself supports the proposals so strongly.

Fisher’s fees-is-the-only-way-to-go stance has ruffled a lot of feathers since he began banging the drum following the company’s merger with John Scott & Partners, with industry sceptics ever-wary he might not actually be putting his money where his mouth is.

But Fisher remains adamant that he stands by his fees-only, higher-professional qualifications, higher regulatory capital stance and says the regulator should push even harder to show undesirable advisers the door.

The feeling from the vast majority of advisers though is this extreme stance is simply not realistic.

Ever-acquisitive Thinc Group is continuing its shopping spree, with John Simmonds’ firm picking up yet another small IFA in the form of Cameron Scott, a Maidstone-based firm with 18 advisers, which Thinc says should strengthen its regional presence in the South East. The business will carry on with acquisitions of both small and large firms.

Up in Birmingham, Positive Solutions welcomed Jim Reeve as the company’s new gaffer, waving an emotional farewell to outgoing chief executive Neil Johnson and executive chairman David Harrison as they step into their new full-time roles at True Potential.

Harrison will retain a non-executive role at Pos Sol and will continue to advise Reeve and the board on its strategy going forward, but will be very hands-off. The feeling at PS’s annual adviser forum is that while the shoes Reeve has to fill are huge, it was very much a case of ‘if he’s good enough for David and the board, it’s good enough for us’.

And Reeve planted his stake firmly in the ground, pledging some bold promises about how the business will continue its impressive growth track.


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