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