I have covered enough disputes between national intermediary companies and their departing advisers to know the old “come here Shep” test is a lot simpler than court cases and legal letters as a means of deciphering client ownership.

On Valentine’s Day, Mrs Justice Cox at the Royal Courts of Justice failed to deliver flowers or a card to Towry.

Instead, Justice Cox found in favour of Raymond James and seven former Edward Jones advisers, who Towry alleged solicited clients away from them following its takeover of Edward Jones.

Andrew Fisher, chief executive of Towry, said the judgment provided “useful guidance” for professional services firms.

Mr Fisher said despite Justice Cox stating the allegations against Raymond James did not withstand scrutiny, she had found that client names, addresses, contact details and investment requirements were confidential information.

Justice Cox also found non-solicitation and non-dealing clauses were reasonable contractual clauses and, in general, were appropriate for the ongoing protection of the commercial interests of businesses like Towry, Mr Fisher added.

So, who owns a client?

According to Mr Fisher you can learn from Towry’s court case that it is the company who owns the client if it has put in place tight enough clauses in its contracts.

From previous court cases I have covered, I would have to agree that this is legally spot on and is always the level headed view taken by judges when considering who owned the client.

But if this legal opinion is of the head, what of the heart?

If a client pines for the voice of their old adviser rather than the new branded letters they receive, then time and time again I have seen a client exodus without any solicitation from intermediaries.

Perhaps intermediary companies and advisers should learn a lesson from both the Royal Courts of Justice and St Valentine on who owns a client then.