PosSol cuts mean Med cruise may be last overseas forum

Positive Solutions is cutting its annual Overseas Forum – this year a Mediterranean cruise - because of “exceptional” costs incurred in 2009.

It says this year's event, for 370 of its best-performing partners in May, will be the last "for a while", adding the company is also limiting salary increases, cutting bonuses and reducing its marketing spend. The company took 400 delegates to Dubai last year.

Positive Solutions CEO Jim Reeve told delegates at its 2010 National Partners Forum in Birmingham that, despite an increased market share, turnover had reduced because of heavy costs incurred evolving its governance framework and developing its post-RDR strategy.

However, Reeve, who spent a large part of 2009 visiting partners to discuss the firm's RDR & You initiative, said business in the second half of last year was up 10% on H1 and said its Q4 turnover was 8% up on the same period in 2008.

The firm's new governance framework includes an updated training and competence scheme, effective from 1 February, which introduced what it calls a "clearer" risk-based model and new standards for file checking.

Its post-RDR support work includes workshops for partners as well as a new investment proposition, the introduction of which Positive Solutions says has been delayed by data transfer issues.

Positive Solutions also announced it is expanding its 13-week intensive study programme for CII J papers, including encouraging partners studying the same J paper to form study groups, and setting up a revision programme for the IFS Diploma.

It said more than 1,350 of its partners have now registered to sit CII exams with a further 201 signed up to the IFS Diploma.

Marketing director Keith Gilmour also outlined the growth of the company's Positive Partnerships introducer initiative.

Partners have already begun working with the 2020 Accountancy Group and the 360 Legal Group, he said, but revealed Positive Solutions is in discussion with a number of other consumer-facing brands.