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Towry open to talks on saving Sesame adviser school

Towry says it is willing to enter discussions with other advice firms on how to save Sesame’s Financial Adviser School.

In an update to members this week, Sesame said it will wind down the school as part of an overhaul of the business which will see it no longer operate as a network for investment advisers.

It said it will continue to support the school’s existing 50 students, but will not recruit any new students.

SBG managing director Stephen Gazard says in the update: “We will no longer recruit new people into the school as we will not be able to offer them a prospective home in wealth firms in our AR network.”

The school has over 100 alumni. Sesame says the “primary route” for graduates was to join the group, but refused to say how many did so.

The Beaufort Group executive chairman Simon Goldthorpe says it would be a “tragedy” if the school were to close.

He says: “We desperately need to attract young talent into the industry and graduate training programmes like this are essential.

“We want to speak to other large advice firms about the possibility of grouping together to keep the school open. We would be happy to put money towards it.”

He says if the school were to stay open it should allow students to join any firm.

Towry says it is willing to enter into conversations around saving the school, but says it cannot promise to make a financial contribution at this stage.

Towry head of private client Andy Cowan says: “We are totally committed to training and education, both for Towry and for the wider sector. We are about to embark on our own significant integration programme which entails training around 230 advisers towards improved skills and qualifications.

“So we have our hands quite full, but nonetheless would certainly be happy to have a discussion on this.”

Sandringham also says it would be willing to enter discussions on keeping the school open. 

Chase de Vere head of communications Patrick Connolly says: “There is certainly a shortage of good quality advisers and it is a shame the school is closing, but we would not look to get involved as we have our own internal training process.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. No doubt Sesame refused to say how many students had joined because most of them left when the course delivered was an absolute joke. I don’t know how any organisation can justify £16,200 for a level 4 diploma, sadly I was sucked in with all the false promises made (more fool me!).

    I for one am not sad that FAS has closed to save more people from being ripped off and lied to.

    Of course there is the possibility that Towry would overhaul the training completely and if so great, as there were many hard working students who have ended up with a very bad deal.

  2. School for Scoundrels?

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