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Positive Solutions adviser numbers increase

Positive Solutions adviser numbers increase

Adviser numbers at Positive Solutions grew during 2015 - the first time this has happened for several years.

The network, which has been owned by Old Mutual Wealth since 2013, had seen adviser numbers dwindle from a high of more than 1,600 in 2009 to a low of 558 this time last year.

But Steve Fryett, group sales director at Intrinsic, said during 2015 there was a 7 per cent increase in membership - taking adviser numbers to 596.

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He said: “Intrinsic’s acquisition of Positive Solutions in 2013 was based not only on the size of the business, but on the quality and professionalism of the advisers and their ability to deliver consistently good outcomes for customers.

“The network has also focussed on improving adviser productivity, leading to an 18 per cent increase in average revenues per adviser.

“Turnover has grown by over £6m in the last two years and Positive Solutions continues to make a significant contribution to the growth and success of the Intrinsic group.”

In the two years before Positive Solutions was bought by Intrinsic it lost 250 advisers, so when the deal went through in 2013 it had 745 adviser members.

Mr Fryett said part of the reason for the fall in adviser numbers since the acquisition was because 41 had left Positive Solutions to join Intrinsic.

A spokesman for Old Mutual Wealth said there are no plans to merge Intrinsic with Positive Solutions.

Aegon sold its advice arm Positive Solutions to Intrinsic Financial Services for an undisclosed sum in 2013.

Positive Solutions was founded in 1997 and Aegon became majority owner in 2002, becoming sole proprietor three years later.

In 2007 its founder David Harrison and many in its management team left to start True Potential.