Adviser network Intrinsic has already merged Positive Solutions’ London satellite office with Intrinsic’s Moorgate office. The Leeds, Plymouth and Southampton offices will close early next year while the Coventry office will be closed next October.
In a message to advisers, Intrinsic says it has reviewed the use of its regional offices and found some were uneconomic.
“Having completed the review it became clear, that for the majority of partners, maintaining regional offices was not a priority and it would make economic sense for Positive Solutions to close, or move, a number of the offices,” the message says.
An Intrinsic spokesman says: ”All the Positive Solutions partners affected by this have been consulted and are fully aware of the closures.”
Positive Solutions retains a headquarters in Newcastle and regional offices in Glasgow, Edinburgh, Manchester.
A spokesman says the viability of these offices will be reviewed over the next year although Newcastle will remain the head office for Positive Solutions and a major office for the Intrinsic group.
Money Marketing revealed in June that Intrinsic was to buy Positive Solutions from Aegon, with Aegon taking a small stake in the distributor as part of the deal. The firm’s 850 advisers boosted Intrinsic’s adviser headcount to around 3,000.
Leeds – 3 January, 2014
Plymouth – 31 January, 2014
Southampton – 8 February, 2014
Coventry – 27 October, 2014