Former Towry chief executive Andrew Fisher is set to join Smith and Williamson as a non-executive director, it is understood.
Fisher left Towry in 2014 after 10 years with the company, joining first as chairman in 2004 and then becoming chief executive in 2006.
Smith and Williamson declined to comment on the appointment.
In its half-year results, the investment manager said work to upgrade its platform meant a stock exchange listing would not take place before the second half of 2019.
At that time it said it was taking “all the necessary steps” to prepare the business for a listing.
Elsewhere, former Schroders veteran James Brent has joined the board of Hawksmoor Investment Management as a non-executive director.
Brent previously worked at Schroders for 25 years and also worked at Citigroup.
Hawksmoor chief executive John Crowley says: “The appointment of an individual of James’ calibre is a clear indication that Hawksmoor continues to grow in terms of size and success. In addition, it underlines the ambitious plans the company has for further growth.”