Towry Law is ditching trade union client FDA for not fitting with its new focus on clients earning over £100,000 a year.
FDA, formerly First Division Associates, is a union for civil servants, public bodies and NHS employees.
Most of its members earn around £55,000 a year and do not fit in with Towry Law’s focus on fee-based financial planning for wealthy clients since its merger with John Scott & Partners.
Towry Law will cease offering FDA commission rebates in exchange for promotion in the union’s literature, seminars and internal communication with its 16,000 members.
The firm says it is writing to six other large-scale clients outlining its new strategy.
JS&P Towry Law certified financial planner Patrick Connolly says: “There was no contract in place – it was a longer standing relationship. We have agreed to continue servicing FDA clients until a replacement adviser is appointed. No one will be left in the lurch.”
FDA was not available for comment at the time of going to press.