In June, Money Marketing revealed Intrinsic was to buy PosSol and that the technology deal with True Potential was under review. All Intrinsic advisers currently use Avelo.
A communication sent by PosSol chief executive Peter Coleman to partners this week states advisers will migrate across to Avelo for all new business. Some elements, including client valuations, portfolio management, commission payments and post-allocation, will continue to be run via TP until full migration is completed.
PosSol is set to begin a staged roll out of the Avelo technology in December and January.
All PosSol partners have used TP technology since 2007 following a deal struck between former PosSol parent Aegon and PosSol founder David Harrison.
PosSol also uses TP technology for its head office as well as collecting and administering fees and commissions.
After the move takes place, TP will have 800 adviser firm users, and 4,000 advisers. Up to now a total of 850 PosSol advisers used the TP system.
TP senior partner Daniel Harrison says: “This has nothing to do with the excellence of one piece of software over another. The PS contract was a unique venture put together in 2007, since when both companies have changed dramatically, both in comparative size, and in focus of activity.”
TP says it has made an unaudited £3.6m profit for the first nine months of the year, an increase of 44 per cent from the same period in 2012.
Quainton Hills Financial Planning director Gordon Bowden says: “This highlights the problems of being an adviser in a large organisation as you get shifted between systems without having any control of your own.”