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's
£1m purchase of Hambro Fraser Smith. It will use the latter's fee-based
culture to convert the business to one that can use both commission and
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
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.”