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Positive Solutions aims to be biggest IFA in UK

Positive Solutions claims it will be the biggest UK IFA firm by size by the end of this year, expecting to reach a total of 1,700 registered individuals.

But Millfield chief executive Paul Tebbutt says Positive Solutions should not position itself as a national IFA as it does not trade under a single name.

He claims that Millfield is an added-value service and members that switch to Positive Solutions are probably IFAs with small turnovers.

Positive Solutions has 1,100 RIs and had 250 new recruits last year, saying most of these came from last year’s Millfield/ Inter-Alliance merger. Millfield leads the pack with 1,716 RIs.

Positive Solutions marketing manager Daniel Harrison thinks it could be a neck-and-neck race for the title of biggest national IFA and is hoping Positive Solutions will take over from Millfield.

Positive Solutions, with 12 regional offices, expects that most of the new recruits this year will come from directly authorised and single-RI firms.

Harrison says: “We have never lost an adviser to Millfield but I know they have lost a number to us. I think the upheaval around the time of the merger drove lots of IFAs towards us because we have a similar offering.”

Tebbutt says: “Both models are completely different. They run a computer-based model claim- ing to be able to make profit on very small turn-overs. Millfield is not interested in small firms, we have minimum standards that need to be met.”

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