Positive Solutions is confident its systems will enable it to support the three adviser types proposed in the retail distribution review but warns that other firms will struggle.
Marketing manager Phil Harrison says many systems will not be able to handle three types of adviser, with three types of payment structure, which could result in many advisers moving to companies with more robust systems.
He says Positive Solutions expects that many of its 1,600 advisers will want to remain as general financial advisers but a number will become professional financial planners while others will trade down to primary advice, with some firms encompassing all three.
Harrison says: “We have proven with other changes the FSA has brought in, such as training and competency, treating customers fairly and the menu, that it is not a big issue for us because of the strength of our technology. We find it easier because we can train the partners practically simultaneously.”