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Towry hit by exodus as two branches are closed

National IFA Towry Law faces a further exodus of senior staff as closes it Leicester and Edinburgh branches.

In the last three weeks, four branch managers at the London, Bristol, Leicester and Cambridge offices have resigned. Two senior managers and two consultants in the Bracknell head office have also left.

Towry&#39s discretionary fund management service has been suspended after the resignation of a key person. The director of Professional Connections, its business relationship arm responsible for forging links with solicitors and accountants, has been made redundant.

According to a former Towry insider, all the moves have been made because AMP has demanded that the IFA finds £2m in savings although Towry disputes this. He believes that further branch closures are in the pipeline.

The former employee says he decided to leave Towry because of the large number of former tied agents being recruited. He says: “There is a serious issue over the dumbing down of Towry Law and a noticeable increase in the recruitment of former direct salespeople.”

Towry Law UK managing director Miles Standish denies that there are any further cuts coming.

He also says the closures are not due to an AMP cost-cutting exercise. Standish says: “Towry Law is committed to the branch network. We have done a thorough review of the branch system. There are not going to be more branch closures.

“We as a company have to improve our profitability. AMP has not been involved at all in saying that we had to hit a certain figure.”


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