A number of Baker Tilly advisers have left Towry Law and managing director Howard Cox has taken redundancy following the merger of the firms in March.
Baker Tilly Financial Services regional director Steve Osbiston has also left, with around 25 redundancies in operations, admin and IT.
Four advisers from the total of 41 have left the fee-based advice firm and Towry Law chief executive Andrew Fisher says that the numbers are in line with expectations when the merger took place.
He says: “The process has now finished and all those that were going to be made redundant have now left.
“It is unfortunate when mergers take place that redundancies happen due to job duplication. They had the opportunity to apply for other jobs in the organisation. Four advisers have left and we were expecting that either five or six might, so we are ahead of expectation. Their main reason for doing so is because we are a fully fee-based structure now, which does not suit everyone.”
He says many of the advisers were used to doing their own research and fund manager selection while Towry uses a research department.