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PosSol tool helps advisers to track costs of clients

Positive Solutions is offering a tool that enables advisers to monitor where they spend their time and how much each client costs the business to help them prepare for adviser-charging.

The time tracking system has been developed with Syndaxi Chartered Financial Planning managing director Robert Reid. PosSol chief executive Jim Reeve says it will enable advisers to identify clients who are eroding value but IFAs will not necessarily choose to shed clients as a result.

He says: “One of the key challenges for IFAs will be dealing with clients in a positive and cost-effective way. No such tool exists, so we have developed our own and we are in the process of introducing it to partners.”

Reeve says PosSol will unveil seven additional initiatives early next year that will help advisers prepare for the RDR.

Hargreaves Lansdown head of advice Danny Cox says the majority of IFAs cost their services “on a wing and a prayer”. He says: “Most organisations do not time-cost the services they provide to clients, so it is quite difficult to price a service if you do not know how long that service takes.

“I think it is potentially a very useful service for members. The problem is, in the main, that most IFAs are not used to recording what they do with their time and it can be quite an awkward thing to do.”


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Alexander MacLeod 2nd December 2010 at 8:10 pm

    Yet again PosSol come up tops for innovation! Well done to CEO Jim Reeve for always being a step ahead of the rest.
    For any forward looking professional IFA, it highlights that Positive Solutions is definately the place to be. Why choose otherwise?

  2. Fully agree, yet again PS are showing their support for thier partners and helping them in every way they can through this difficult transistion period for everyone, why would anyone want to go directly authorised all on thier own in the current climate is beyond me ! PS is definatley the place to be.

  3. Yes it is great to be in such a forward thinking organisation. So to all those doubters around the coffee machine and those who left thinking DO was the answer. For the litttle we give up this organisation offer true value for money.

  4. @ Alex, Matthew and Anonymous 4th April 2011 at 9:03 pm

    Rah Rah Alex Matthew and Anonymous are you on the board? What PS fails to point out is that they allow a Novation of clients in but refuse a Novation of clients out. You don’t need high tech to see 35% of you T/O bleeding into the pocket of PS and being drained away. If this is all so WOW hiow come they charge you £2,000 just to leave? Surely all the members are rock solid and happy to stay without such a fine modern system!

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