Towry Law

Wealth adviser Towry has announced a loss of £7.5m for 2010, citing the "exceptional cost" of integrating Edward Jones into the business.

Businesses which fail to beat their rivals should look for problems with their training and competence (T&C) regimes, wealth manager Towry says.

Fee-based wealth adviser Towry EJ has found in favour of the vast majority of clients who had complained over delays in transferring their assets away from the company, FSA figures show.

Otto Thoresen made a career change this week but who else is moving on?

Towry head of marketing Peter Foster has left the company to pursue other opportunities.

Fee-based wealth adviser Towry EJ saw nearly 350 client complaints, almost exclusively investment-related, referred to the FOS in the second half of last year, figures show.

Towry head of marketing Peter Foster says the wealth manager might not launch its IPO for another 18 months and has disputed an estimate valuing the firm at £500m.

Andrew Fisher, chief executive of Towry, is in line for a £100m payday when the wealth manager is listed in the New Year.

Towry says its decision to offload smaller investors will be replicated by a swathe of other firms as the RDR forces a reassessment of client banks.

Towry CEO Andrew Fisher says the platform market is over-crowded with too many players lacking scale and predicts only a "few winners" will emerge from a wave of consolidation.