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Solutions offers trail cash after retirement

Positive Solutions is introducing a scheme which offers IFAs the chance to continue receiving trail commission after retirement as part of a package to recruit new members.

In return for a proportional commission charge, the New-castle-based national will deposit ongoing payments directly into an individual&#39s bank account anywhere in the world while allowing the former IFA to track the payments online.

If a retired IFA dies before their trail commission runs out, Positive Solutions will arrange for the remaining commission to be paid to their beneficiaries.

As well as offering a better deal for its own IFAs, Positive Solutions hopes the scheme will attract new members and push other companies in the industry to review their policies on trail commission.

Positive Solutions is also keen to offer the service to directly regulated IFAs who want to retire but are reluctant to forego trail commission as part of a practice buyout.

Positive Solutions argues that the terms of practice buy-outs do not take into account the value of future income streams resulting from trail commission.

Operations director Chris Smallwood says: “Thanks to our technology, it doesn&#39t matter if we pay out a penny or a pound. I believe we have cracked the system. I&#39m convinced that at the moment no one else can do this. It&#39s a great improvement to our contract.”

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