Positive Solutions’ partners could share an £80m cash pot if the company meets its targets for a 2010 flotation.The company is aiming for a flotation value of £660m backed by a total of 2,500 advisers and an annual turnover of £150m with adjusted operating profit of £25m. Parent company Aegon has agreed to make £80m available to be shared between advisers who are eligible for the partnership share scheme. The incentive was announced at the company’s annual partner forum at the International Convention Centre in Birmingham last Thursday. Current partners will also be rewarded for recruiting new members through a points-based system. Existing partners will get 3,000 points for each IFA they recruit if both remain with the firm until the end of the scheme. The recruit will also get 3,000 points if they stay for the duration of the scheme. Advisers writing £25,000 of business within the next six months will get an additional 1,000 points. For example, an adviser recruiting three new IFAs to Positive Solutions and producing £25,000 within the next six months would get 10,000 points worth £100,000 if the scheme succeeds. New recruits must be qualified to CF2 level, be earning at least £30,000 income and to have worked as an IFA for at least two years. Chief executive Neil Johnson says: “Many failed companies have been propped up by providers but they are unable to defy gravity for ever. It is our corporate aim to reach our target of around £660m entity value to allow a flotation by March 2010. This is demonstrating a genuine partnership.”
Research conducted among 1,400 intermediaries has revealed increasing demand for mortgages with flexible features. The survey by specialist lender UCB Home Loans found that 69 per cent of advisers reported an increase in the number of applicants requesting flexible features on their tracker mortgages last year.
On October 1 the Association of Investment Trust Companies is becoming the Association of Investment Companies.
Aifa has praised the FSA’s paper on provider/distributor responsibilities, saying providers can no longer stand by in “splendid isolation” allowing advisers to be blamed when things outside their control go wrong. Director general Chris Cummings says advisers have been unfairly blamed for too long for problems with marketing and product design. He says that the […]
Seventy-one per cent of consumers do not choose the protection insurance most suitable for their circumstances and only 13 per cent select the product offering the best level of cover. Research from Lifesearch, which surveyed 1,001 people, found that in the 18-29 age group, only 12 per cent of respondents buy the product which best […]
By Jamie Clark, Business Development Manager With only a few weeks to go before the new pension freedoms allow people to access their pension funds as and when they like, there are concerns that the consequences of making (or not making) the right decision could put pension savings at risk. Yes, this revolution is exciting; […]
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
Sam Seaton talks about how her interest in people affects her approach to technology