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Profits boost for Positive Solutions

Positive Solutions nearly tripled profits in the year to December 31 as it continued its policy of attempting to recruit big numbers of IFAs.

Despite tough market conditions, the national IFA firm saw profits rise by 161 per cent from £425,716 to £1.11m with turnover rising by 41 per cent from £18.1m to £25.6m.

It says the improved results are partly due to the quality of its IFAs.

The firm boosted its number of advisers by 35 per cent from 552 to 750 and says it expects this expansion to continue, having already recruited more than 50 IFAs this year.

It also reveals that its turnover at the end of the first quarter of this year – based on unaudited figures published alongside its 2003 accounts – was up by 51 per cent on the same period last year while profits surged by 237 per cent.

It says it expects to maintain this performance during the year as market conditions improve on last year and increasing numbers of advisers join the company.

Chief operating officer Neil Johnson says: “We made very healthy profits in 2003 despite uncertain market conditions. This proves the fundamental strength of our business model and is a tribute to the quality of our IFAs. Our profits enable us to invest in services which give our individual IFAs an even greater competitive advantage.”


Wesleyan appoints new managing director

Wesleyan Assurance Society has appointed Craig Errington as managing director designate. This is in preparation for the retirement of Frank Brooks, current managing director, in April 2005. Errington is currently responsible for sales, marketing and operations. Wesleyan is now looking for a new sales director, who would report to Errington. Brooks says: “Craig has been […]

Gender for change

The House of Lords’ EU sub-committee on social policy and consumer affairs has announced details of an inquiry on EU proposals prohibiting the use of gender criteria in determining prices for products such as car insurance, pensions and annuities. Individuals and organisations such as independent financial advisers are invited to submit written evidence to the […]

Genesis Home Loans – Apollo 1

Type: Discounted rate adverse credit tracker mortgage Discount: 1% Discounted term: Six months Payable rate: 5.1% Tracker term: Lifetime of loan Tracker rate: 1.85% above Bank of England base rate Minimum loan:£25,001 Maximum loan: Up to 90% of valuation subject to a maximum of £200,000, up to 85% of valuation subject to a maximum of […]

Julian Gibbs

I believe Scott McGlashan is the best Japanese fund manager of all. JO Hambro has hired him to run its new Japan Oeic and, like the other JO Hambro fund managers, he has a share in the equity and the performance fee as well as investing his own money in the fund. He has over […]

The changing world of professional connections

The Legal Services Act of 2007, which opened up the legal market to competition, has put the cat among the professional pigeons. In the words of a 2015 Law Society report on what the legal profession is likely to look like in five years’ time: “Business as usual is not an option for many, if […]


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