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Advizas&#39 RIs fail to fit in at Towry

National IFA Towry Law has lost nearly a third of registered individuals from acquisition Advizas in recent weeks because they failed to adapt to Towry&#39s culture.

Towry bought out Advizas, the IFA arm of Hogg Robinson, for £23.1m last December. At the time of the purchase, it had around 100 RIs.

The majority of the 30

RIs have quit to join former Advizas directors at a start-up company with the working title of LEBC.

But the latest defection came last week when five “key” RIs walked out to join Canterbury-based IFA Advisory & Financial Planning Services.

Among them are Advi zas executive director Step hen Greenstreet and director Ian Curle.

The other Advizas RIs are believed to have left Towry to set up on their own or go to other IFA firms.

Three of the four Hogg Robinson executive directors who came over to Towry have now departed.

Towry says those who have left were not comfort able in their new working environment.

Since the Advizas&#39 acquisition, Towry has snapped up IFA HambroFraserSmith.

Towry now has more than 300 RIs and is looking to expand further through acquisitions and organic growth.

Marketing director Mike Bowman says: “We have obviously lost some good people but we are still growing in size.”

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