Towry Law

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dunstonh wrote: »

Others will be driven by TLs marketing that promotes their fee basis and how bad commission is yet their fees are higher than commission.

You misunderstand, or again deliberately misrepresent, the FSA's objection to commission payments from the product providers.

It isn't about costs; it's about the quality and objectivity of the advice. Advice cannot be reliably independent when the adviser is dependent upon commission from the provider for selling their products.

It's the corrupting effect of commission that the FSA sees as the cause of so much mis-selling and that it's determined to end.

(That isn't an endorsment or otherwise of Towry Law of whom I've had no experience whatsoever.)

It's thought that the ending of commission will drive down costs but that's a secondary bonus.

dunstonh

You misunderstand, or again deliberately misrepresent, the FSA's objection to commission payments from the product providers.

I do not misunderstand and i am clearly not misrepresenting anything. It is clear you dont understand or more likely are trying to misrepresent what i am saying. As you do on most of your posts.

TL's fee is more expensive than the typical commission. With collectives being explicitly charged, it doesnt matter if you call it commission, fee or bananas, the end result is the same. 2% if paid by cheque or from the investment is still 2%.

It's thought that the ending of commission will drive down costs but that's a secondary bonus.

Although the FSA have stated that it will likely increase costs for the lower end of the market with little difference in the middle market. Their unbundling proposals are actually likely to see costs rise for some, although they will be cleaner.

nxdmsandkaskdjaqd

johnmaynardkeynes wrote: »

I would be tempted to draft a formal complaint to them with a view to alerting the FSA if they do not resolve your query very quickly, not sure if you have an ISA involved but their terms and conditions say 30 day transfer time, clearly you are way above this now.

I have just written to their Compliance Office, [EMAIL="nick.allcock@towry.com"]nick.allcock@towry.com[/EMAIL]. This is the department that deals with all complaints.

I am told by my local ex Edward Jones advisor that my case will not be completed until the end of the month. Also it will be another 8 weeks before the back log is cleared.

smallfry27

dunstonh wrote: »

Although the FSA have stated that it will likely increase costs for the lower end of the market ....

This was also mentioned in a Radio 4 Money Box programme who predicted that a lot of small ISA holders will leave the investment market altogether. With the current dismal FTSE I must say it looks more attractive to get a steady 2% from a National Savings account than pay out 2% from my gradually eroding capital.

dunstonh

smallfry27 wrote: »

This was also mentioned in a Radio 4 Money Box programme who predicted that a lot of small ISA holders will leave the investment market altogether. With the current dismal FTSE I must say it looks more attractive to get a steady 2% from a National Savings account than pay out 2% from my gradually eroding capital.

The FTSE100 is around risk 6/7 on a 1-10 risk scale. Cash is risk 1. So, why disregard all the options in between.

The FTSE100 has been a poor index to invest in for decades. So, anyone going 100% into that is investing badly.

A typical risk 6 (out of 10) portfolio would have only around 19% in UK equity at the moment.

This was also mentioned in a Radio 4 Money Box programme who predicted that a lot of small ISA holders will leave the investment market altogether

The market perception is that smaller investors will be pushed towards the banks who will be able to circumvent some of the rule changes by offering simplified advice and still paying their staff up front commission but offsetting it with charges within the product over a period. The FSA recently confirmed that will be allowed as long as its not the product provider doing it.

smallfry27

Reply to dunstonh, very useful. I have only 16% currently in UK equity. I mentioned FTSE as I don't know what other benchmark I can use to compare performance of a fund of combined asset types. I used to have my ISA managed by a big bank, but wasn't very impressed by returns.

dunstonh

smallfry27 wrote: »

Reply to dunstonh, very useful. I have only 16% currently in UK equity. I mentioned FTSE as I don't know what other benchmark I can use to compare performance of a fund of combined asset types. I used to have my ISA managed by a big bank, but wasn't very impressed by returns.

It doesnt matter which bank people use. The end result is usually the same. Disappointment.

Personal benchmarks are difficult because it depends on what level of risk you take. If you have a mixed asset portfolio (including property and fixed interest) then balanced or cautious managed sector averages are worth looking at as benchmarks.

Happy***Gilmore_2

Anyone having a problem with Towry Law should contact woodwardfinancials.co.uk ? in Windsor, I went to David Woodward after hearing from an adviser at Edward Jones that he shot down Andrew Fisher (their CEO) in flames infront of 50 advisers, I know Towry Law well and I have been savaged by their charges before so I was keen to meet up with the only guy to stand upto this corporate tyrant, I arranged a meeting and was stunned by his honesty and integrity, he invited me to a coffee morning and introduced me to a bunch of his clients and left the room, saying feel free to ask anything you like. I won't big this guy up anymore but he would be in the top 5 UK advisers if there was such a poll. Two of the guys were Ex Towry Law clients who went to David for him to recover there investments after being milked for charges and receiving poor service and performance. This he did with a cherry on the top, one has even built an extention with the profits in 18 months.
Towry Law leaves a bitter taste in David's mouth so feel free to give him a bell, I am sure he will delight in showing you what you have been missing.
I sold out of my funds and reinvested , once bitten by Towry Law never again. Enjoy reading the rest of Towry reviews they are horrendous.
Jump before you're mauled!.........

GillBelbin

Check out the Towry Law website and find the section for Private Clients.

You will find this quote:

"We have a compelling approach to wealth advice that is most suited to investors with assets of £100,000 or more".

The fees they charge are too high for those with a portfolio of under £100k in general. I worked for Edward Jones and could not afford to stay a client of Towry Law. They do not seem to have enough advisers to cope with all the Edward Jones clients that they took over and have NONE of the good things that Edward Jones clients have come to accept as good business practice - you know the sort of thing - having an FA that gives you the personal touch. I personally wouldn't touch them with a bargepole.

Another forum reply was to the effect that you get what you pay for, but if your investment is relatively small, the high fees will soon wipe out any increase you make (which at the moment is pretty small of course in percentages - or could even be a loss at present)

binliner

nxdmsandkaskdjaqd

Better still speak to Nick Allcock 01344828000 I spoke to him
He has assured me that dividends still with Edward Jones will be in my bank this week but I still await the transfer of shares
Complaints to the Financial Ombudsman but that is long winded and as a last resort