PosSol begins 'network' proposition roll-out

National IFA Positive Solutions is to offer existing and prospective partner firms a new charging structure designed to encourage them to build their own brand presence and recruit more advisers.

The new ‘Practice' model, announced at the Aegon-owned firm's partner forum in January and which it said would be similar to a network proposition, is aimed at attracting larger practices with turnover above £150k, and at least two advisers.

While the precise charging structure is still being finalised, it will include a fixed retention percentage based on turnover and a fixed fee, plus an additional percentage of turnover to cover professional indemnity insurance costs. FSA and FSCS fees and levies will be passed directly to firms at cost.

In return, Positive Solutions said it will offer a "comprehensive" compliance package drawing on recent FSA criticism of networks, a simple transparent charging structure and new technology.

An Aegon spokesperson said Positive Solutions recognizes its current one-size-fits-all structure doesn't always encourage firms to build their own brands and recruit advisers into the practice.

Existing Positive Solutions practices are being invited to migrate across to the new proposition between July and September before the company launches to the open market.