View more on these topics

Positive Solutions nearing 500 RIs

IFA network Positive Solutions has almost doubled its total of registered individuals to 400 from 227 in January and claims it is on course to reach 500 by the end of the year.

It says reaching the 400 threshold marks the advent of the firm as a major player on the UK IFA scene.

Targeting former direct salesforces has helped the network grow its membership from 20 in January 1999 after completing its first full year of trading in 1998.

Since the start of this year, Positive Solutions says it has recruited 64 former Prudential salespeople and 56 individuals from Allied Dunbar, including several of the senior management.

It claims it is on track to reach an annual turnover of about £15m this year, up by 300 per cent on last year when turnover was just under £4m.

It says its ratio of fees to employees is high by IFA industry standards, with turnover per RI reaching £387,000 last year, more than twice the figure in the previous year.

It recently appointed international investment bank NM Rothschild & Sons to advise on corporate strategy and consider the possibility of flotation.

Positive Solutions sales director David Harrison says: “We regard this as a milestone in our development. We are building a company that is much more than a mere distribution network. As we sign up more IFAs, our fixed costs become an even smaller proportion of the total, our purpose-built-infrastructure comes into its own and our brand recognition strengthens. The benefits really begin to roll out.

“We are one of the very few IFA networks that actually makes profits and that is an advantage we intend to exploit for future developments.”

Recommended

Pima appoints new director general

The Pep and Isa managers association has appointed Tony Vine-Lott as its new director general.Vine-Lott had previously worked at RSM Robson Rhodes as director of financial services and Barclays Retail Financial Services as director of strategic planning.Pima chairman John Brasington says: “We have been very fortunate to have someone of Tony Vine -Lott&#39s calibre and […]

Inter-Alliance reports £2.1m loss

National IFA Inter-Alliance has reported a loss of £2.1m for the six months ending June 30, a sharp fall from a profit of £0.7m in the same period last year.The IFA says the loss, which excludes the cost of integrating recruits from the Lincoln and Pru sales force, is due to substantial investment in its […]

Crucial sections of the Sandler Report

Section 41“It has been suggested that advisers tend to concentrate on issues of product design, such as tax treatment, and that they do not have a comparable level of expertise in investment issues.”Section 42“In particular, it is argued that both advice and the regulation of advice tend to focus on the issue of which provider […]

Relief at relaxing of reserve rules

The FSA&#39s decision to relax reserving regulations last week has given life offices and the stockmarket some breathing space in a time of falling equity prices.The regulations were in danger of compounding existing poor market conditions by forcing life offices into selling equities to raise capital to meet rocketing reserving levels.To ease the situation, the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment