Restricted adviser and investment manager Towry will launch new and improved telephone and digital channels in the second half of this year, according to the firm’s chief executive.
Speaking to FTAdviser, Rob Devey explained that the firm “needs to play there in a far more substantial way than we do currently” with lots more information and servicing, moving into transactional simplified products and advice over the phone.
This follows the firm’s chairman Ron Sandler alluding to such developments in its annual results earlier today (20 April), stating that it intends to “introduce a suite of additional products and services, alongside new telephone and online advice capabilities”.
The financials revealed that while revenue was up to £91.3m last year from £82.4m the year before, operating profit fell to £8.3m in 2014, compared to £11.8m in 2013.
Pre-tax profit of £4.4m was also down from a £9.8m before tax in 2013, with £3.7m in “exceptional regulatory costs” up from £2m in 2013, following discussions with the Financial Conduct Authority.
The acquisition of Baker Tilly Financial Management last year increased restructuring costs to £5.4m from £2.9m the year before, with Mr Devey admitting that the soon-to-complete takeover of Ashcourt Rowan would mean similar costs would be incurred this year as well, with no provisions set aside for such liabilities.
“Growing through acquisition will inevitably incur costs and associated one-off hits on profits. There’s still an awful lot to do and the integration is likely to take the rest of the year, but then we will look again to increase size and scale in 2016,” he stated, adding that consolidation in the market is accelerating.