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Positive Solutions offers incentives to go restricted

Positive Solutions is offering its members financial incentives to operate under a restricted advice model, Money Marketing can reveal.

The national advice firm, which was bought by Intrinsic in June, has approached advisers about the option of taking up Intrinsic’s restricted proposition.

Those who opt to go restricted will be charged lower membership fees, though PosSol declined to give details on the reduction in fees. Advisers who choose to go restricted will also have the £5,000 excess on their professional indemnity insurance waived.

Positive Solutions chief executive Peter Coleman says: “We are committed to supporting an independent business.

“We have recently been presenting all of the options available to our partners, and stating very clearly the choice is theirs to make.

“Where partners do choose the restricted route, because it is right for their business, there are financial benefits due to the reduced risk involved. These include lower charges and no PI excess charge for business conducted with our panel providers.”

Intrinsic’s restricted proposition offers a panel of four platforms; a pension and investment panel including Aegon, Sanlam, Scottish Life, and Zurich; a ‘whole of market’ mortgage panel of over 50 lenders; and a protection panel of six providers.

Investment Quorum chief executive Lee Robertson says: “An independent model requires more due diligence, but I am not convinced it is more risky.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Ho Ho Ho! What a surprise!

    But:

    I thought there was a Bribery Act? (Isn’t an incentive just another word for bribe?)
    I also (obviously mistakenly) thought that this was precisely the sort of thing the RDR was supposed to stop. Silly me I obviously have it wrong again!

    One thing I seem to have got right is what I was foretelling more than two years ago – That the Networks and big operators would go tied. So no surprise there and you didn’t need to have second sight to see it coming. An obvious outcome. Anyway jolly good news for those of us who remain independent. It very much looks as if Independent Advice will mainly be available from boutiques and the smaller advisers. We should consider it a gift from the Regulator.

  2. Yeh and although ex advisers have retired they amend the Relax retirement under a clause in the original contract that they say applies and take an additional 15% – so where is support there just modern day Robin Hoods

  3. @ Gordon

    Modern day Robin Hoods?? More like Al Capone or Reggie Kray

  4. Yes probably closer, just decide what they want and get on with it – Ummmm sounds rather like another organisation beginning with F

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