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Towry claims to have cleared Edward Jones backlog

Independent financial advisory firm Towry claims to have cleared a backlog of former Edward Jones clients who did not want to join the group following its acquisition of the US stockbroker last year.

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by Alex Steger on Aug 03, 2010 at 16:49

Towry claims to have cleared Edward Jones backlog

Independent financial advisory firm Towry claims to have cleared a backlog of former Edward Jones clients who did not want to join the group following its acquisition of the US stockbroker last year.

Since buying Edward Jones for just £1 last October Towry has struggled to deal with transfer requests from 9,000 clients.

Last month Towry admitted it had received complaints from 729 Edward Jones clients over delays in transferring their assets.

Towry head of marketing Peter Foster said: ‘The backlog is clear now. We have done everything we can do. Yes we could have been quicker, and could have communicated with clients better, apologies all round.’

The firm’s chief executive Andrew Fisher (pictured) blamed the delay on the ‘archaic’ systems linking fund management groups and the platforms that advisory firms use to administer their clients’ holdings. He said he would be raising the problems at industry bodies.

However, organisers of the petition website Treating Customers Shabbily challenged Towry’s claim. It said investors were still waiting to have their holdings registered with their new custodian. ‘This news doesn’t really change much for those investors who are simply trying to transfer away from a provider that they never chose in the first place,’ said John Simpson, founder of the petition website.

Edward Jones launched in the UK in 1998. Despite opening 300 offices and attracting 50,000 clients with £1.5 billion of assets it was heavily loss-making in recent years. Many of the Edward Jones advisers refused to join Towry as it charges clients fees, in contrst to the commission system they were used to.

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16 comments so far. Why not have your say?

Who are all these persons trusting to look after their funds?

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Obviously Mr.Fisher does not know what is happening in his own company.I have been waiting since May along with many others to have my account transfered,again I have e-mailed Ms Furniss to implement immediate action,and as yet no response.Should you read this Mr.Fisher would you kindly

advise me why you blatently state that the Edward Jones backlog has been cleared when it obviously has not.

Ralph Gissing

Account No. 128013991

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The Edward Jones Ltd/Towry Pantomime - Towry claims to have cleared Edward Jones backlog?

Oh No They Haven't...

Oh Yes We Have says Mr Fisher

Mr Fisher the FSA's behind you in more ways than one it would appear

Liar Liar Pants on Fire Andrew/Peter!

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Sad. Towry Law were in the good old days a very competent efficient firm who provided good, sensible and prudent advice. What has happened?

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The regulator needs to step in and order Towry to repay all the the trail fees Towry have profited from during this debacle at the very least back to the clients they have disadvantaged during delay that in many cases stretch back to February !

This as a minimum would be justice in practice and fair.

They should not be allowed to benefit from at best incompetence, at worst manipulation and being extraordinarily economical with the actualite !

In this day and age - unbelieveable. Come on the press investigate this shower if the regulator continues to fail to protect the consumer from this sharp practice.

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After numerous telephone calls and letters I received a letter from Towry Law dated 26th July informng me that the funds of myself and my wife had been transferred on the 22nd and 23rd July to the destination which we requested on the 4th April. This has proved not to be the case and at the time of composing this email only about half of the funds have appeared in their new home. Therefore the claims made are erroneous. However in partial support of Towry Law, with this letter calculations were included assessing the losses which had been incurred as a result of their tardiness. The validity of these has yet to be assessed with our advisor. Therefore the wait continues with only a partial lifting of the problems which extreme inefficiency in handling our own transfers has been evident for far too long.

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Don't expect the F.S.A. to help. They are useless.

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My wife and myself are still waiting for 26 seperate funds to be transferred to our new advisors company.We had no income from our income funds paid to us in May or June a small amount of income was paid to us in July it is very difficult to work out what Towry still owe us in income which is obviously their intention to make life as difficult as possible for clients who are leaving them.We are very much in limbo at the moment and are finding the whole Towry experience very distressing.

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lie after lie after lie..........

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Having a lie in Charlie?

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Andrew you have been very economical with the truth yet again, I have this week received confirmation that a number of my clients, still have transfers outstanding for more than 90 days, how does that translate into a cleared backlog ? or could it be that your staff are telling you what you want to hear, rather than the truth ?

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Towry cleared everything-Joke -Asked to transfer 9Jan this year -still waiting for completion!

How Fisher can say such things beats me !

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My wife and have now been waiting since at least February 2010, for the re-registration of all our previous EJ's accounts to a new provider.

Despite frequent letters and complaints sent to Towry, most of our accounts remain in limbo. Significant amounts of income seem to be lodged somewhere in a 'black hole' at TL, not in our bank account!

We have, like other transferring clients, just received a number of somewhat bland letters from TL promising nothing specific with regard to the transfer process.

How on earth in this, the 21st Century, are long suffering customers like us, allowed to be treated in such a despicable way by a powerful financial organisation like Towry?

Where's the Regulator in amongst all this confusion?

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Since making my first post on August 20, nothing more of significance has happened regarding the total transfer of our joint holdings, nor has a statement of accounts been issued to us!

06.Sept.

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Any MP's going to make a comment in The House of Commons they have been asked to get involved by clients that have been waiting almost a year!

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christopher coe

Sep 20, 2010 at 10:23

Further to my earlier comments my wife has recently spoken to a 'real person' at TL and requested an account statement. This duly arrived by post within a few days but does not explain how any of the income payments have been, or are to be made to us! Our new provider/IFA is still unable to resolve the outstanding transfers despite having enacted all of the necessary paperwork months ago.

My wife and I remain vey disappointed with TL's handling of our investments, no doubt along with many others too?

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