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Towry&#39s &#39dowry&#39 In bid to boost RIs

Towry Law is embarking upon a drive to recruit 800 IFAs within the next four years, boosting its ranks to 1,000 RIs.

Chief executive Douglas Black also claims he believes the £30m bailout by the ICS after the £48m Advizas&#39 pension misselling represents a good deal for the industry and could have saved it £20m by preventing the firm going into liquidation.

Towry has 200 RIs but aims for 1,000 within three to four years on the back of the support and long-term benefit package the AMP-owned firm says it can offer advisers.

Black says he expects many IFAs will find it attractive to join a national which offers a renewal buyback scheme to allow IFAs to have a share in the business.

But Towry may find its efforts frustrated following the ICS controversy when many IFAs threatened to withhold their scheme payments in protest at apparently having to save their troubled rival.

Black says: “We could have let Advizas go into liquidation and it would have cost the ind-ustry £50m.”

An IFA says: “While Towry is confident it can attract the IFA community, at the moment,I do not think many will be rushing forward to join them.”

Profile, p29

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