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PosSol reviews True Potential tech deal

Pearson-Richard-PosSol-2013
PosSol chief operating officer Richard Pearson

Positive Solutions is reviewing its adviser technology after parent company Aegon sold the business to Intrinsic last week.

Currently the firm uses True Potential’s front, middle and back office software throughout the business in a deal struck between Aegon and PosSol founder David Harrison in 2007.

PosSol uses the TP technology for all adviser software at its Newcastle head office as well as collecting and administering all fees and commissions from PosSol partners.

The current deal is subject to a rolling 12-month notice period meaning any changes in technology will be implemented a year after any decision is made.

True Potential senior partner David Harrison says: “Any changes in the arrangement will obviously be made by the new parent company Intrinsic and we await the outcome of any conversations.”

Positive Solutions programme director Richard Pearson says: “We have been reviewing technology over a period of months and any decision about technology will be made once the Intrinsic deal completes.” 

A frequently asked questions document sent to Positive Solutions staff on the day of the acquisition said: ”In the longer-term we will work with Intrinsic to review our processes and technology, in order to identify potential areas for improvement.”

Pearson added that PosSol could not guarantee there would be no redundancies as a result of the Intrinsic acquisition.

He said: “You could never give those assurances to anyone and neither could any business irrespective of whether it has been bought.”

The frequently asked questions document also said lease agreements on regional offices would be reviewed when due for renewal, hinting at some consolidation. 

It said: “Advisers in both businesses operate out of multiple locations which will be considered in the detailed planning process.”

The Intrinsic acquisition is expected to be completed in Q3 this year. No decisions have yet been made about board changes.

Despite the deal, Pearson does not envisage many advisers moving between PosSol and Intrinsic.

“The two businesses are relatively separate entities and I would not expect many advisers to be moving between the two.”

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