Companies  

Towry pushes on with Bristol expansion campaign

The Bristol office, which Mr Rice said was at the “forefront” of Towry’s national post-RDR consolidation operation, has experienced increasing contact from advisory firms looking to be bought out over the past six months.

He added: “We have acquired two firms in Bristol who were RDR-ready but found it too hard to deal with, and I would want to see the same number of acquisitions here this year. In Bristol we want to be at the forefront of acquisitions.

“We get approached very regularly, nationally and locally. In Bristol we kicked that off early. You could see this trend developing and we wanted to be at the forefront of it.”

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Mr Rice, who confirmed that Towry on a national level had been approached by a “wall of firms”, revealed that many financial advisory businesses were RDR-ready but soon realised that the new regulatory requirements were “too hard” to manage.

He added that these difficulties had caused local firms to contact him with a view to being bought out, although many were rejected because Towry was only interested in acquiring RDR-compliant organisations with happy clients and a decent number of assets under management.

BACKGROUND

Towry recruited 39 wealth advisers during 2013 as part of its overall growth strategy.

Among its biggest moves last year was the £501,000 acquisition of Lighthouse’s Bristol-based subsidiary and appointed representative, Deverill Black & Company.