Review by simpleinvestor
submitted on 02 March 2015
Dislikes: Hidden costs
I suggest you avoid this company. I invested with Edward Jones and then Towry took them over. I have a simple investment with them of a standard ISA product. They wrote to say they were introducing charges for management to the tune of £100 per annum but never made it clear that this applied to my account. They submitted no bills and on the yearly update never detailed any charges. Now they write insisting I am over £500 in debt to them for unpaid charges. Scandalous!
Avoid them. As others say they have very limited people, products and choices and they have no customer focus.
If this site let me score them zero I would.
Review by Savingsome
submitted on 20 November 2012
Likes: Initial advice in 2006 was reasonably helpful
Dislikes: Quality of advice declined sharply. Lack of transparency over charges. Poor service & information.
I understand that Towry were once a good firm, but since their takeover by a private equity company the service we received was truly dire.
Too many problems to list - but examples include frequent switches of adviser, increases in charges, swapping 'platforms', transaction errors and poor documentation. We were prevented from transferring some of our investments (at almost no notice) because of an IT change. The advice is supposedly independent but surprise surprise as far as I can see they just sell you the same standardised portfolios. Needless to say the investments have not performed well.
We got out. My advice is to avoid this lot - they seem to only see their clients as a source of income for their private equity bosses.
Review by robin4321
submitted on 28 May 2011
We were formerly with Edward Jones.When they sold out to Towry we were offered the very restricted range of products you quote in your review. Thankfully we rejected the offer and asked for a pension portfolio and private investments totalling more than 700K to be transferred to another provider.
Towry hung on to these investments and finally completed the transfer after a delay of more than ONE YEAR.
During this time we asked the FSA and the Financial Ombudsman for help. We are still waiting for this help 9 months after we contacted them. Compensation? You must be joking!
The transfer was completed shortly after we contacted the Deputy Prime Minister (our MP). Thanks to him for that.
Towry hijacked our investments, prevented our access for management and presumably collected the trail commission for a year for doing nothing.Our treatment at their hands was disgraceful.
As well as illustrating the treatment of its clients by Towry, this is a telling indictment of the protection offered to investors who only want fair treatment. Not everyone has an influential MP!
Review by chasingrainbows
submitted on 11 November 2010
Dislikes: Holding onto my money for months
I'm an ex Edward Jones stockbroking client who decided not to stick with Towry when they bought Edward Jones. Towry wanted to move all my investments into their own expensive fund which didn't seem a good idea. So I moved to another IFA but several months later I'm still waiting for Towry to transfer some of my investments. They're a shambles, totally unhelpful and only interested in selling ther own funds.
Review by poshjosh
submitted on 04 February 2010
Likes: Original adviser helpful
Dislikes: Not much service other than trying to sell their own investments
I bought some investments and pension through a Towry Law adviser 10 years ago. Things seemed to go ok until the adviser left the company several years ago. Since then no-ones's bothered looking after me. Whenever an adviser contacted me they were more interested in selling than taking a close what at what I already owned.
More recently I've had calls trying to encourage me to move my money into Towry Law's own investment service/funds, but this seems expensive and I'm still annoyed they don't seem to care so I've resisted.
I now find out that some of the investments still pay Towry Law a trail commission, despite them giving me little service. This is the final straw, I'll be taking my business elsewhere!
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