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Positive Solutions sets up a link to Cofunds service

IFA network Positive Solutions has teamed up with Cofunds to offer its 230 members and 20,000 clients access to the fund supermarket.

Positive Solutions says it has picked Cofunds as well as rival supermarket Fidelity&#39s FundsNetwork because of technical problems.

Fidelity&#39s service has been available to Positive Solutions&#39 advisers and clients since last Novem-ber but has been hit with problems.

Network members can still access FundsNetwork although Cofunds will be the preferred service.

The network says it pre-fers Cofunds because it was developed for intermediaries while Fidelity&#39s service was designed both for consumers and intermediaries.

Cofunds provides free daily fund information to Positive Solutions&#39 extranet, which can be accessed by advisers and clients.

Although Cofunds&#39 transactions cannot yet be completed online, Positive Solutions does not see this as an obstacle as it says most consumers prefer not to do the final purchase over the net.

Positive Solutions chief executive David Harrison says: “Since we signed up to Fidelity last November, we have found the Fidelity service slow and unwieldy and it keeps crashing. But we are keeping it as it offers some funds which are not available on Cofunds.”

Fidelity spokeswoman Jo Roddan says: “There have been technical problems with Positive Solutions and we do not know whether it is their end or ours but we are looking into it. It is an isolated situation.

“Comparing FundsNetwork and Cofunds is like comparing chalk and cheese because we are online and Cofunds is not.”

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