Wealth adviser Towry will be offering ‘restricted’ advice on retail investment products when the Retail Distribution Review (RDR) comes into force.
The services it provides to existing and potential clients will remain unchanged.
Towry has been a key player in the move away from commission-based selling and has been charging clients advice fees for over six years.
All of Towry’s wealth advisers are Level 4 qualified (the new minimum qualification required by the FSA), with over 50% having already achieved chartered status, which is Level 6. In addition, 100% of Towry’s wealth planners are Level 4 qualified with over 40% chartered.
The company will continue to provide a full financial advice service and discretionary investment management as it does today, and will continue to focus its research on those products that it believes will offer the best solutions for its clients and target clients. By focusing its research in this way, its service will be classed as ‘restricted’ under the new FSA regime.
Andrew Fisher (pictured), chief executive, Towry, said: “Towry has for many years championed the move away from a commission-based culture to charging advice fees and we have used a fee-based model for the past six years. We have always supported the key objectives of the RDR and the benefits it will bring to clients, namely clear and transparent charges for advice delivered by highly qualified professionals.
“Towry will continue to provide expert financial advice on products we believe offer the most suitable solutions for our clients. Our advice will be amongst the most wide-ranging in the industry, with our team of experts researching and recommending products and providers based on meeting specific financial needs. We are not tied to or associated with any particular product providers and our advice will always be in the best interests of our clients.”
