PosSol set to concentrate on smaller IFAs

A source close to the business, said any large firms remaining under the Positive Solutions banner would be transferred to the Intrinsic brand, as part of a restructuring process which began after it purchased the firm last June from Aegon UK.

Meanwhile, in a clear definition of its brands, individual IFA firms will remain under the PosSol banner.

Intrinsic has already confirmed that Positive Solutions members will adopt its Avelo technology, ending a long-running association with True Potential.

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Last week, Intrinsic confirmed that PosSol chief executive Peter Coleman was stepping down from his role at the end of February.

A spokesman for Intrinsic said Mr Coleman’s position would not be filled, as it sought to integrate senior positions in the merged firm, with Richard Freeman remaining as chief executive of the enlarged entity. He added that the Positive Solutions brand would continue.

However, when asked about the potential structure and development of both brands, and whether Positive Solutions was to focus on the smaller end of the advisory market, he declined to comment, adding: “We will be announcing our full strategy for the Intrinsic group in due course”.

Positive Solutions timeline

1997 - Established by David Harrison

2002 - Aegon UK buys 60 per cent stake in national IFA Positive Solutions from David Harrison

2005 - Buys remaining 40 per cent from staff, directors and IFAs

2007 - Ex-Barclays Financial Planning managing director Jim Reeve appointed chief executive, while David Harrison steps down as chairman and sets up technology firm True Potential

2007 - Signs deal to use True Potential as technology supplier

2009 - Reports £2.6m pre-tax loss

2010 - Reports pre-tax £1.6m loss

2012 - Jim Reeve steps down to be replaced by Peter Coleman

2012 - Posts pre-tax profit of £2.3m

2013 - Aegon UK sells business to Intrinsic and takes a 7 per shareholding in the firm

Adviser View

William Churchill, a Newcastle-upon-Tyne-based Positive Solutions adviser, said: “I have heard that the brand will remain, so it’s very much business as usual for me, however advisers can now choose to be independent or restricted for either firm, and I believe Intrinsic has brought some good elements to the business.”