Towry Law

johnmaynardkeynes

Sloff, nice try at trying to justify your decision to stay at Towry, however.....

From a client point of view, investors with less than £100k are charged 2% up front and an annual fee of 2% with VAT and fund fees (3% a year) you charge for anything other than one annual review approximately £250 per hour so it is hardly more cost effective than 1.5% per year is it?

The performance of the ILM is less than quality funds like IP high income and sees investors exposed to areas of risk that are wholly inappropriate for their actual risk profile.

Also just on the point of rebalancing and charging, you decided to do that, therefore you churned, a mutual fund or whatever you want to call it is a long term investment so does not need changing on an annual basis.

From an adviser point of view, how is the fact that you are salaried a benefit to the client, you have managers pressuring you to hit your targets, your targets are........to transfer funds into the ILM and to generate fees therefore = Churning!!!!! You get paid a salary to find a way to recommend the ILM, how many protection cases have you recommended, NS&I, General Insurances? You neglect cients needs to focus on your sales target, will you be so confident next year when you have to get the same amount of New investments in as the figure you have been set to churn over this year?

I think you have to think that most of the firms that are more successful than Towry grew organically, through meeting thier cients needs and being their clients first choice, Towry have grown by aquisitions and asset stripping, we shall see who is successful in 5 years time.

dunstonh

From a client point of view, investors with less than £100k are charged 2% up front and an annual fee of 2% with VAT and fund fees (3% a year) you charge for anything other than one annual review approximately £250 per hour so it is hardly more cost effective than 1.5% per year is it?

That is one of the biggest criticisms of TL. They harp on about being fee only and slagging off commission but when you look at their "fees", they are higher than the typical commission option, let alone normal fee basis (IFA typical max commision is 3% plus 0.5% p.a. - average according to FSA is 1.8% plus 0.5% p.a.)

From an adviser point of view, how is the fact that you are salaried a benefit to the client

its none given the targets they were given. Sales, targets, management pressure etc are not good news for clients.

binliner

Am I the only one still waiting for Towry to transfer.?I suppose since sending out their letter dated 3rd August they think they have done their bit.

StevieJ

Every time I see that name I think it is some obscure law from the middle ages

smallfry27

binliner wrote: »

Am I the only one still waiting for Towry to transfer.?

I don't think so, judging by length of comments on Citywire and the treated shabbily web site.

nxdmsandkaskdjaqd

I am still waiting, must be 15 weeks now. I even spoke to their CEO, but that didn't help!!!

nxdmsandkaskdjaqd

I have read some where that Towry have an obligation to complete transfers within 30 days. But they would argue that this excludes the time taken by the registrars of the fund managers.

So Towry are saying now that they complete the transfer within 30 days, but the registrars are now taking several weeks.

Surely Towry have an obligation to manage the whole transfer process?

Landshark

Is it me or is it really funny that Sloff the die hard defender of Towry Law can't spell independent?:rotfl:

binliner

nxdmsandkaskdjaqd wrote: »

I have read some where that Towry have an obligation to complete transfers within 30 days. But they would argue that this excludes the time taken by the registrars of the fund managers.

So Towry are saying now that they complete the transfer within 30 days, but the registrars are now taking several weeks.

Surely Towry have an obligation to manage the whole transfer process?

Dont hold your breath.I am still waiting and managed to speak to Pam Furniss at Towry who said the transfers were with the registrars but could still take weeks ! ( Oh yes my original request was to Edward Jones 9th Jan 2010) They did offer £100 as as I have been waiting so long

Microeconomics

Smallfry - you are incorrect. Towry receive no commissions and all rebates belong to client. Your estimate of fees is incorrect too as Towry invest in institutional not retail funds.