Towry underestimated the strength of the relationship between seven former Edward Jones advisers and the clients it accused them of poaching.
Towry today lost its High Court case against seven former Edward Jones advisers and their new employer, Raymond James.
It had accused them of breaking non-solicitation clauses in their contracts by contacting their former clients after Towry acquired Edward Jones in 2009.
But the Honourable Mrs Justice Cox dismissed the claim by Towry.
"Having regard to the whole evidence in this case, the allegations against Raymond James do not withstand scrutiny", the judgement reads.
The judge remarked it was also evident Towry had no appreciation of, and paid scant regard to, the strength of the relationship between the client and their trusted adviser.
Mrs Justice Cox said that "the identity of their financial adviser and the trust and loyalty towards someone with whom they had a close, personal and professional relationship was of paramount importance to many Edward Jones clients.
"In my judgment Towry seriously underestimated the importance of these factors in this case."
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October