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Towry enters land of the fee

Towry Law intends to import the fee-based culture of Hambro Fraser Smith


into its own business.


The new IFA operation, Towry Law Fraser Smith, was created after Towry&#39s


£1m purchase of Hambro Fraser Smith. It will use the latter&#39s fee-based


culture to convert the business to one that can use both commission and


fees.


The absorption of HFS is planned to take nine months and brings the total


of onshore consultants to 270. The IFA says the retention of consultants is


a fundamental part of its strategy otherwise they will vote with their feet


and leave.


Frasier Smith will continue to operate a separate business from Towry Law


for the time being. Towry is also in the process of absorbing Advizas, the


IFA arm of Hogg Robinson which it bought in January.


Towry Law group managing director Miles Standish says: “We are looking to


do both fee and commission business but we are not going to force them to


adopt our structure. We are just bringing their experience in having a


fee-paying arrangement on board.


“It is inevitable as we see a reduction in front-end-loaded commission.”

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