Are Towry's transfer problems just the beginning?

A couple of weekends ago, in my Financial Times column, I noted Towry Law’s teensy-weensy transfer problem. The gist of this slightly depressing saga is that in-specie transfers are a real mess. Towry’s takeover of Edward Jones – by all accounts a much-admired business by its clients – has apparently prompted hundreds of incoming customers to request an in-specie transfer out. With straightforward liquidations, this can be accomplished within a matter of hours if not days, but problems obviously ramp up when you try to deal with customers boasting a myriad of different funds as well a...