This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+cover+small+180914
Categories:Advisers

Towry says fees save clients 4%

  • Print
  • Comment
Sam Shaw
Towry Law says it can pass up to 400 basis points back to each of its clients by not charging commission.

The fee-only adviser says charging commission for "advice" is wholly inappropriate as the term itself is inextricably linked to a product sale.

Chief executive Andrew Fisher says: "We charge 1 per cent discretionary charge for managing the assets, with an average of 60 basis points on the assets with no trail or an hourly fee for giving them the advice but all we 'sell' is a financial plan.

"We can return between 300bps and 400 bps back to the client by not taking commission. We never take the money away.

"I cannot understand it when advisers ask for proof that commission leads to product sales. How can it not lead to sales?"

Fisher says all Towry Law's advisers will be qualified to diploma-equivalent by the end of the year and they will be chartered within 18 months but Fisher add that the firm does lose around 25 per cent at the bottom end for not passing the exams.

Fisher says he is currently in talks with several adviser firms about potential purchases, both small and large.

But he says: "I would like to do a big transaction this year. There is no cap, no number that we could not manage as long as we keep the executive risk. We do not want to risk quality."

Interview, p30

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Have you heard of cases of advised sales being disguised as execution-only?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments