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Positive Solutions plans own platform

Positive Solutions is looking to set up a fund platform by the end of March 2007.

Positive Solutions advisers use all the major platforms but the firm says it aims to create its own proposition.
Executive chairman David Harrison says a truly independent adviser cannot favour a single provider-owned proposition but does need access to an open architecture platform.

Harrison says: “There are technical and political challenges to face. We would struggle to best meet the needs of 1,450 advisers if we just used one platform.

“The ideal from the IFAs’ point of view would be to join up all existing platforms and consolidate them. We hope to have something ready to test by the end of the tax year.”

Positive Solutions’ turnover in the first six months of the year rose by 38 per cent to £48m compared with the same period last year and it expects this to grow to £100m in the second half of the year. Adviser numbers increased by 300.

Harrison says: “We are confident we can integrate growth by acquisition but so far it has been a distraction. It is not just about price – the firm has to be the right fit as well. Our real target, who our model best suits, is smaller directly regulated IFAs turning over £100,000-£200,000.”

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