The Intrinsic-owned group said it has made more than 90% of payments – including commission and fees income – to those advisers owed, and hoped that figure would climb to 95% before 2 August.
The problem occurred when the firm transferred advisers’ policy data from a True Potential back office system to an IRESS solution earlier this week, which created problems with some policies on the system.
Positive Solutions said it wanted to move all advisers “internally to one system” before migrating them further to IRESS’ Xplan system later in the year.
Some advisers are believed to have waited for their income to be passed on by the firm for up to four days this week, while others waited two days and others yet were unaffected, depending on the providers and policies they were using.
IFA Matthew Burman said he considers himself “fortunate enough” to be paid on a daily basis and did not see a problem in the two-day payment disruption he suffered.
He said the company had communicated with him and updated him on the progress.
“We had a couple of days [of disruption] while systems were switching over but that was made aware to us so it wasn’t a problem. You can never expect a completely smooth transition.”
Similarly, IFA Dennis Tam said: “The situation is they are changing systems and they were concerned that money won’t get through the system. But I have been paid every day. They have done a good job transitioning.”
But others were more critical, with one adviser saying he has “never known a four day delay in payments”.
The True Potential system allowed advisers to be paid daily for what they earned. Under the new system, they will have to wait for a minimum payment amount of £10 to be accrued before it is passed on to them.
Positive Solutions parent company Intrinsic has also been facing a separate, unrelated, issue delaying payments to some network members.
The firm said it had “experienced disruption in receiving statements from some providers” after it moved its processing offices in June.
Intrinsic issued a statement saying: “Ensuring our advisers are paid promptly and correctly is of the utmost importance to Intrinsic. We are currently experiencing a couple of issues around payments that are affecting some of our IFAs in Positive Solutions and Intrinsic and we are working to fix these as soon as possible. We apologise for any inconvenience this is causing.”
True Potential senior partner Daniel Harrison said: “As part of our transition process with Intrinsic, it was requested that they take control of the processing of commissions a week earlier than our contracted switch off date of 31st July 2014.
“All information and data required to enact this transfer was provided as per specification and on schedule and both teams have worked together excellently to ensure any impact is minimised.”
