networks

Positive Solutions has reported profits before tax of £2.3m for last year, wiping out a £0.4m loss in 2011, as it strives to offer a "John Lewis level" of customer service to its advisers.

Aegon-owned Positive Solutions has said it will be ramping up its recruitment drive in 2013 for both its national IFA and network.

Sense Network has added adviser forums and access to Chartered Insurance Institute (CII) tools as part of a "significant investment" in services for its members, according to the company.

An IFA who was part of failed network Honister Capital says some providers refused to take his calls when the business went into administration in July, leaving him unable to keep clients informed about their investments.

A group of IFA firms and industry professionals led by former Honister Capital director Alan Easter will aim to create a ‘middle ground' between being directly authorised and part of a network in their new venture.

Networks may only find relief from their own financial troubles by raiding other struggling businesses, according to Ernst & Young.

The banning of marketing "packages" between providers and advisory groups would bankrupt most networks and support service providers, Threesixty managing director Phil Young said.

National advisory group Foster Denovo has launched a financial planning service incorporating a transparent pricing structure as part of its plans following the Retail Distribution Review (RDR).

Sesame Limited, the network arm of Sesame Bankhall Group, recorded a loss of £2.5m in 2011.

Sense Network has said it made a profit of £310,000 for the 12 months ended 31 May, an increase of almost 30% on the previous year.