Positive Solutions has extended its incentive scheme to reward advisers with additional bonus points that will be converted into shares ahead of its proposed 2009 flotation.
The Partnership scheme will pay out 3,000 points to IFAs who write over £50,000 of business in the 12 months to September 27 and will extend the timescale for the 3,000 points awarded for recruiting or for new joiners to October 31.
Chief executive Neil Johnson says the points will be convertible to PosSol shares, with the intention to float before the end of 2009, or alternativ-ely value the business from 2010 onward based on the firm’s profit levels in 2009.
The Partnership scheme, which launched in October 2006 has so far rewarded over 900 partners with 1,000 points for issuing £25,000 in the six months to March 27. A further 100 qualify for 3,000 points for introducing an IFA recruit and more than 170 new partners were issued 3,000 points for joining business.
The firm says the scheme has helped grow its business, claiming to be the fastest growing IFA firm with adviser numbers topping 1,600.
Johnson says: “We have spent months working to create the optimum structure, with a balance of value points available for both production and recruitment and a clear path to realising value in the scheme.”