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Fisher accused of being “aggressive and threatening” to EJ advisers

Towry chief executive Andrew Fisher was yesterday accused of being aggressive, threatening and offensive when addressing Edward Jones advisers following Towry’s acquisition of the firm in October 2009.

The accusations came at the High Court in the witness statements of defendants in the £5.8m damages claim brought by Towry against Raymond James and seven former Edward Jones advisers over alleged client solicitation.

Barry Bennet alleges Fisher (pictured) displayed an “aggressive, patronising, threatening and rather offensive attitude” when talking to advisers, which was met with a “hostile reaction” from many.

But Fisher rejected the claims and stated that the position he and Towry were in when trying to explain the situation was difficult.

He said: “If you go through acquisitions like we did it is difficult. We were running around the country trying to meet hundreds of people, offering them jobs they did not have. What Towry was trying to be was nurturing and comforting to a workforce obviously in shock.”

The witness statement of Bennett also alleges that in a presentation to Edward Jones advisers in Bath on October 26, 2009, Fisher spoke in a way that “did not endear him” when they felt “let down and deceived” by their previous owners.

When asked by counsel for the defence Chris Quinn QC if he had made a good first impression with the defendants, Fisher said it “would be difficult for anyone to make a good impression on anyone in their situation.”

Quinn QC had earlier suggested Fisher had been “dismissive” of the skills of Edward Jones advisers which he denied.

It had also been alleged by the defence that advisers were unwilling to move to Towry employment because they would not provide a stockbroking service previously offered by Edward Jones.

But Fisher denied advisers were performing such a service at Edward Jones and said they did not have the permissions and were merely selecting stocks from a list imposed by Edward Jones management.

The case continues today as the defence cross examines Towry head of risk and compliance Nick Anderson.

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Comments

There are 11 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 15th June 2011 at 9:26 am

    “Towry was trying to be was nurturing and comforting to a workforce obviously in shock.” What a load of sanctimonious claptrap.

    And anyway, the EJ client bank and its workforce weren’t the subject of “acquisition” ~ they, along with £6m annual trail commission, were handed to TL on a plate for just a quid. Given that an assets under advice book of that magnitude would surely require continuity of servicing that TL’s existing workforce couldn’t possibly have absorbed, then how can AF possibly claim that all the EJ advisers were suddenly unemployed and that he was doing them such a great favour by offering them jobs that they didn’t have?

    This guy certainly takes the biscuit for brass, even when testifying under oath.

  2. Jonathan Cooper 15th June 2011 at 9:40 am

    “Its my way or the highway “

  3. Well said Julian.

  4. Maybe he was bullied at school !!!

  5. Andrew Fisher - Toady Law 15th June 2011 at 10:13 am

    “Aggressive, threatening and offensive”

    This is not true and if I find the person who said this I’ll smash them in the face!

    Warm regards
    ANDREW FISHER

  6. He can thank his lucky stars that I am not a former EJ adviser!!!

  7. I am so pleased to see young Andrew is following in my glorious tradition of nurturing and comforting the vulnerable.

  8. I bet he drives a big car to ‘overcompensate’. 🙂
    Short, balding, middle aged, full of himself. Ah yes a stereotypical financial services manager.

  9. I am confused about exactly what permissions Edward Jones did not have to be stock brokers. They were members of the London Stock Exchange which gave the business the right to call themselves a stockbroking company, under the rules and advisers had taken all necessary qualifications to call themselves stockbrokers. Also most stockbrokers, in order to back up their advice to clients would be looking for equity research opinions from a single auditable source such as to maintain consitency of research approach. For that reason Edward Jones conducted its own research and subscribed to Standard & Poors equity research. This meant that Edward Jones had one of the most comprehensive and consistent research facilities amongst the entire stockbroking industry in the UK. Mr Fisher is talking piffle as usual. No adviser was ever told what stocks to sell, merely trained on the concepts that underpin stock selection for asset allocation, sector allocation and geographic allocation.
    I suggest that Fisher returns to school.

  10. “But Fisher denied advisers were performing such a service at Edward Jones and said they did not have the permissions and were merely selecting stocks from a list imposed by Edward Jones management”
    Does this sound like an IFA who instead of searching the whole marketplace for the best and most suitable service for the client instead shoves them in one of 5 pre formed and prepackaged portfolios for the benefit of their employer and to hit sales targets – the pot is calling the kettle black how has he gotten so far in his career as he is clearly a loony toon

  11. Mr Fisher

    A pimple on the Buttok of Finacial Advice.

    I hope he loses this action and retires in disgrace.

    When was the last time this dinosaur sat in front of a client and advised.

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