Pos Sol offers a home for all Honister IFAs
Mr Coleman, a former Burns Anderson director, said that Positive Solutions already had contingency plans in place should such an event occur so that it could bring many ARs across.
He said: “Positive Solutions has two directors on the board who know many quality, retail distribution review-ready advisers at Honister, and we are keen to make sure they have a home to go to.”
Mr Coleman was director of Honister Capital Limited’s Burns Anderson business from 2002 to 2008, and chief executive of The Money Portal for a short while, leaving 12 months before TMP went into administration and became Honister.
Mr Coleman joined Positive Solutions as commercial director in February 2011 and became chief executive in February this year. He was referring also to Richard Pearson, who left Honister Capital as chief executive earlier this year to join Positive Solutions as chief operating officer.
There are 900 self-employed advisers in the Honister Capital business and, while Mr Coleman said he would not provide numbers at this point, he confirmed that Positive Solutions has already been in discussions with “large numbers” of ARs about transferring.
Tenet tweeted it will welcome former Honister IFAs, while a spokesman for Scottish national advisory firm Hunter William Wealth said: “We are recruiting in Scotland for qualified self-employed IFAs, and have a great offering for the right calibre. We’d be interested in Honister and can accommodate UK-wide in conjunction with our parent national Moneygate.”
Key Retirement Solutions and Annuity People also joined forces to allow Honister’s appointed representatives to be able to place their clients with a whole of market annuity solution.
The news broke on 3 July, after administrator Grant Thornton revealed that, due to difficulties over professional indemnity, the advisory arms of Honister Capital would be put into administration. This includes Burns Anderson, Honister Partners and Sage Financial. It does not include the execution-only Willis Owen.