Towry Law

Reaper

Is it Halloween? Threads keep rising from the grave. _pale_

whiteflag_3

Reaper wrote: »

Is it Halloween? Threads keep rising from the grave. _pale_

Its about time the horror stories are revealed !!!!!!!!!!!!!!

tisit2002

Towry Law
My bitter experience with Towry Law
My investment accrued a loss of 75% at their advisor’s assurance that it was capital guranteed. It turned out to be an unsecured bond with investments totally departed from what was intended – provision for pension while working in a place where and when pension provision was not available.
On complaint, TW would not investigated. On maturity, TW failed to alert and refused to enter into correspondence apart from advising me to take up the residue.

Investors, beware!

Aegis

tisit2002 wrote: »

Towry Law
My bitter experience with Towry Law
My investment accrued a loss of 75% at their advisor’s assurance that it was capital guranteed. It turned out to be an unsecured bond with investments totally departed from what was intended – provision for pension while working in a place where and when pension provision was not available.
On complaint, TW would not investigated. On maturity, TW failed to alert and refused to enter into correspondence apart from advising me to take up the residue.

Investors, beware!

If this is the case, find the original paperwork and issue a complaint referring specifically to where it said it was capital protected or low risk. Explain that they have 8 weeks to issue a full response before you take the case to the financial ombudsman service. If you've genuinely suffered from a mis-sale, then you should be indemnified, especially if it's such a high risk product that it's suffered a 75% drop in value.

French_Saver

As an Edwards Jones customer I soon will be offered the possibility of moving my investments across to TL. I have mixed feelings about this. If you believe anything that's on Citywire they are a terrible company. But is there anyone much better out there?

dunstonh

If you believe anything that's on Citywire they are a terrible company.

Terrible no. Two faced yes (as in they say they are anti commission but their charging structure is more expensive than commission and percentage based with no cap).

But is there anyone much better out there?

Its not that they dont do a good job. They do a compliant job. They just charge an awful lot for doing it

Silversavers

We're (ex) customers of EJ with around 250K with them.

Despite Towy Law insisting that "nothing will change", we've just had our first visit from our designated TL advisor (after quite a struggle to find who he is).

It would seem that TL are offering a big inducement for ex EJ customers to move over to their system by waving most of the 1.5% fee for TL to take on their accounts in their way but only if EJ had purchased your funds less than 3 years ago.

And despite original assurances that "nothing would change" our advisor seemed to be hinting that this generosity might only last until the EJ-TL interim agreement runs out on May 11 and that after that date, should we chose to 'stay as we are', then we might expect a lower lever of service from TL in respect of statements, info etc etc.

We're going to meet with another company tomorrow to get an alternative perspective. How many (ex) EJ'ers are doing the same?

Regards

terrytravel

We are also ex Ed. J clients.
We are about to have our first meeting with the TL advisor. TL keen to stress that there will be "no charge".
I am concerned regarding this potential change to a new advisor.
At the moment I am uncomfortable to be paying for each "service" plus in excess of £3000 per annum for what ?

Any comments please ?

Silversavers

Following our meeting with TL we had another meeting with an alternate company. It was like a breath of fresh air after the bad taste that the TL advisor had left with us.

Our options at the moment are:

1. Stay with TL
Pay an initial 1.5% fee for them to take over our accounts.
They sell all our current holdings and place them into one of their own portfolios which they select for us.
Charge us 2% pa management fee (1.5% after £100K) seemingly even if the returns are less than that (they take it out of your capital).
No financial advise available from them after May 11, nor any buying or selling unless we chose to do it their way.

2. Go somewhere else.
Our alternate basically trades the same way as EJ.
No charge for moving our accounts to them.
Roughly threequarters of a percent fee to move part (or all) of our holdings into a discretionay fund - but only if and when we want to (or not as the case maybe - our choice).
At least for the next 3 years (until Dec 2012) pay no annual fees - they are happy to help us along on the basis of the trails they receive from our existing holdings.

Seems like a bit of a no-brainer to me. Please, if anyone has an alternate argument, let's hear it.
Regards

dunstonh

Seems like a bit of a no-brainer to me. Please, if anyone has an alternate argument, let's hear it.

You have the right idea. There are plenty servicing IFAs and discretionary investment managers out there that can do it cheaper and probably better than TL.