Old Mutual Wealth has bought advice network Intrinsic for an undisclosed sum as it continues its growth strategy across a number of channels.
Positive Solutions finance director Lisa Lockey is leaving the group almost six months since its acquisition by Intrinsic Financial Services.
Financial research group Defaqto has appointed former adviser network director Frank Potaczek to head up its insight and consulting wing.
Peter Coleman is to step down as chief executive of Positive Solutions at the end of February, six months since the national IFA's acquisition by Intrinsic.
Intrinsic is to bring to an end Positive Solutions advisers' use of software True Potential and migrate all advisers over to alternative software provider Avelo.
Network Intrinsic is set to buy national IFA firm Positive Solutions from parent company Aegon.
Adviser Network Intrinsic expects the number of its ‘restricted' advisers to increase to 75% over the next two years, compared with less than 60% currently.
Intrinsic Financial Services has reported a pre-tax profit of £24.3m although this figure is skewed by the waiver of preference share dividends and the cancellation of Lloyds preference shares.
Network Intrinsic has questioned whether the stigma surrounding with-profits funds may be forcing clients into unsuitable products when they come to fund their retirement.