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Advice for all

Towry is right in identifying clients for whom its charging structure is not cost-effective, although some might ask why it has taken the firm so long to reach its conclusion.

Some clients, left with a choice of either waiting months for an in specie transfer or exposing their savings to tax liabilities, will be feeling aggrieved.

We support the efforts of many IFAs, and industry initiatives such as Project Eve, looking at finding cost-effective advice solutions for lower and middle-income clients.

We suggest the majority of IFAs will be doing their best to try and ensure that all their clients are able to continue to have access to advice.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. “Charging structure”? Towry’s charging structure is just commission presented as “fees”.

    The reason that clients with less than £100K invested in Towry funds aren’t “cost-effective” is that Towry can’t be bothered with them unless they’re generating at least £500 in yearly trail commission. And for what? An annual (probably standard pre-scripted) review of the performance of the Towry funds in which they’re invested? Hardly sounds like an onerous routine.

    As for Project Eve, its aims may be laudable, but the fact remains that clients with very little to invest and who are either unwilling or unable to pay fees aren’t going to be profitable for anyone. Those are the simple realities of business. We aren’t charities or publicly funded institutions.

  2. I was surprised to hear the following.
    For a client with assets held both in an ISA and outside there will be new fees for the account. Apparently the old annual ISA fee of either £20 or app £70 will be disbanded and replaced wioth an account fee per underlying account.
    The ISA account get charged £25/qtr plus VAT
    The General Dealing a/c gets charged the same.
    That would be £240pa inc VAT. or app. 1% of a £25,000 portfolio. Of course this must surely be a way of making money out of people who either don’t have the where-with-all, the time or the ability to move their account and even then Towry have the audacity to charge. This sounds like the definition of extortion.
    Would you pay that to Towry, or would you rather have an account at Merrill Lynch charging less, to house your assets?
    I believe that Merrill Lynch charge $300pa.

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