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Service objections to post-retirement trail

Positive Solutions&#39 offer of trail commission for IFAs after retirement has been criticised by rivals.

The firm will pay trail to a retired adviser or his beneficiaries, whether the adviser was with Positive Solutions or directly regulated and chose to join the scheme on retirement.

Inter-Alliance corporate relations manager Charles Ansdell says: “Trail commission is merely one aspect of practice buyouts. The whole idea of practice buyouts is that client servicing continues. Are IFAs&#39 widows going to provide 80 per cent of client servicing? Ethically, we should question whether people should continue to receive trail commission if they are not servicing clients.”

But FSA spokesman Louise Buckley says: “Previously, IFAs had to provide a review every five years to qualify for trail commission but since 1990 this requirement has been dropped. No one is legally obliged to service clients to receive trail.”

Positive Solutions operations director Chris Smallwood says: “We are encouraging clients of directly regulated IFAs to consult a PS partner after their adviser has retired or contact PS once a year to review their portfolio.”

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