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IFAs Frizzell-ing out move

More than 40 RIs from IFA Frizzell Life and Financial are expected to defect to rival IFA Towry Law this week.


The dissident RIs are known to have approached Towry Law as concerns have mounted over Frizzell&#39s future direction and place in the market. They were also subjected to a new training and competence regime in the last six months.


Last year Frizzell&#39s Bournemouth-based parent Liverpool Victoria had to pump £4.75m into the IFA operation to cover the cost of pensions misselling.


Towry Law says the two salesforces have an ideal fit because of their similar culture and quality. Both are used to targeting the retirement planning field and dealing in capital investment.


Towry Law says the Frizzell advisers, who will take their RIs up to some 260 in number, are being recruited as part of its ongoing programme of expansion.


At the time of its purchase by Liverpool Victoria in June 1996 the Frizzell group was the UK&#39s largest provider of financial services products to public sector bodies and trade unions.


Towry Law chief executive Douglas Black says: “We are always willing to talk to good quality consultants who want to join us.”


Insurance analyst Ned Cazalet of Cazalet Financial Consulting says: “LV paid a lot in goodwill when they bought Frizzell. They could have got someone to sell insurance for them. It was stupid acquisition and a ridiculous price. LV should have concentrated on the core business but now even their distribution channel is shrinking.”

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