Towry to launch its first consumer marketing campaign

Towry looking to market themselves to new consumers when they can't even treat their existing clients fairly? How can this be?

If they can cleverly market to a core audience then why aren't they cleverly looking after the clients they already have?

This is laughable. They need a complete makeover and a transplant.

They need to find some new customers because they are loosing so many others by shoe-horning them into their expensive, underperforming products.

Anon 2 - the best detailed summary I have seen so far. Well done - sadly it is so true. It is a matter of time before the regulators start policing like they should and see thro this facade of a company. They are an accident waiting to happen. Any client or adviser with half a brain has already done so.

It great to have them around the make us steady competent honest joes look brilliant. TCF - whats that?

Lets wait for EMC to downgrade this as ever- the balanced one ! Ha!

Is this accurate "an IFA firm" ? Slack reporting again.

Well they need to try and prove to the market that they are a company with a bright future.

I suppose Peter Foster will be using phrases like "Towry, for the journey" or "Towry, the choice of champions" if he's really the same person who called a group of 10 people "specially recruited" to clear the Edward Jones transfer backlog a "hit squad"! Laughable.

I think all the so called leaders in Towry must sit around and watch Andrew Fisher work out and compliment him on how big he is and just agree with everything he says.

My goodness what a lot of anonymity! Well understandable I guess no one really wants to cop a writ. And Mr. Fisher seems pretty good at flinging those around.

I'm no lawyer, but if someone on the staff could explain how Citywire can get away with posting this stuff, while another paper based publication incurred the wrath of AF and his posse of lawyers for publishing what to most appeared a very innocuous letter.

Fascinating stuff I look forward to an answer with great anticipation.

Long may Towry law exist, they present the most fertile ground from which to acquire new clients. their 'proposition' has no traction with their customers who are simply queuing to leave.

To Anon 2- A fantastic, accurate summary of Towry's postion, can you please send this to the FT and other city publications (esp Jeff Prestridge at Money Mail at; jeff.prestridge@mailonsunday.co.uk)- I know he is looking into the transfer complaints with Towry, i just hope he has the balls to go to press against Fisher and his Gestapo).

Please can the FSA take heed of anon 2 summary- and investigate Towry, before Fisher floats and sails off into the sunset.

Instead of spending millions on Marketing please redirect such resources to putting your own house in order first.- process the client transfers, not too much to ask! The marketing campaign is yet another smokesecreen by Towry to hide the sheer volume of business they are losing, and complaints against the company. Mr Fisher, please wake up and smell the cofffee.

What a sad bunch - obviously have not got a clue about portfolio management and very little understanding about asset allocation

They say a little knowledge is dangerous!

Brainwashed Anon 8 - Towry havent either - they contract it out - and then charge high ongoing fees for underperformance. Open your eyes, lets get transparency on perrfomance and charges and start putting clients first as TCF is stating. In your case do not the facts get in the way.

Anon 2 well done - you should also steer it towards the 6 TCF outcomes where they are found wanting in every case. Its a matter of time!

TO ANON2 - Well done, spot on!!

?

Let's pause to consider the plight of the ex-Edward Jones advisers who were seduced by the offer of a regular salary plus substantial bonuses for churning client's investments in an indecently hasty manner as soon as they were discharged from the indoctrination - whoops! - induction courses. With the exception of Anonymous 8, who is obviously beyond help, I wonder if the hard-hitting truths from Anonymous 2 could be the trigger for the poor unfortunates at Towry to do the right thing for themselves and their hoodwinked clients and walk? Where to go to is the problem 'tho. I'm afraid their beds are as messy as Tracy Emin's but not quite as valuable! Are there any ex-Edward Jones now-Towry employees out there who still believe they have made the right move? If so, let's hear from you - you are conspicuous by your absence at present !

I assumed Anonymous 8 was talking about Towry!!

Harry Katz you know perfectly well why. The other publication stepped over the mark and had to retract. Simple.

To Harry Katz - I missed that but would love to know more!

Also, I cannot work out whether or not:-

(1) Alex Stegar is a....... very, very, very clever young man who has written 3 positive pieces about Towry Law to ensure maximum promotion on Citywire and within the Adviser community - boosting readership, increasing advertising revenues and propelling his chances of promotion sky high.

(2) Or whether Alex Stegar is.......offered "scoops" from TL insiders in order to be "onside" and try to offer some kind of positive press. A bit like trying to push water uphill.

When Towry Law happen upon their IPO, If Alex is seen on a brand spanking new, top of the range skateboard, then you know it was probably number 2.

'Coz that's all that anybody except Fisher will get out of it.

Anyone with half a brain can work out it is far cheaper and easier to retain clients rather than create clients. I do believe the wheels on this Towry bus are finally coming off. They obviously cannot retain its client base so it is trying to hoodwink the unsuspecting .

As an aside i have been sent by an ex Towry client a breakdown of his Growth portfolio. Nearly 2 1/2 pages of A4 listing various funds includind 0.07% in one fund. As a discretionary manager i defy anyone to work out on a daily basis this portfolios exposure to various sectors. Most of the funds and ETFs must duplicate the same holdings over and over. Also i didnt notice many institutional funds in the mix but i am sure any trail is being refunded to clients .

So who censored Anonymous 2? Is Fisher getting sensitive?

So the wonderful and true comments from Anon 2 of yesterday have been removed. I guess that means they must have "hit the spot" as they say! But whose spot I wonder - was the editor of this blog site responsible or did Fisher flex his muscles yet again. I thought that this was a place where opinions could be voiced in an open manner - apparently not. I will probably not bother contributing anymore after this. I would love to hear the reason for this blatant censorship.

I agree freedom to comment is great - let's get all these 'anonymous' cowards to start entering their names. At my school shouting from the side of field didn't count for much - put your name to these comments and then maybe people will listen to you.

Clive, actually even if they wanted to, they can't.

I have tested on various threads and even I did not click on 'Make my comments anonymous' it still shows me as anonymous #whatever number I was on that thread.

Having said that, by posting a comment we have all agreed to Citywire's terms and conditions andit is their right, since they pay the costs for this little free-for-all, to delete as they wish. Presumably something in the post went against the terms and conditions and/or was ...shall we we say veering more towards fiction than fact?

You want to post without terms and conditions? Set up your own website. I have one. But bear in mind that in that case, you are personally liable if sued for anything you choose to publish on that site.

:-)

EMC

I thought that the original anon 2 list of factors regarding the Toady Law process and in house packaged highly charged DIF were a reasonable summation. Clearly, as part of the new Toady and the forthcoming marketing campaign the realities and charges are not for public consumption on the internet.

Is this consumer leaflet of tosh coming at the same time as Mandelsons version of the lat 13 years? Two publications suitable only as emergency toilet paper which would end up as it begins; full of s..t.

Anon 13 Even saying silly things like 'Toady Law' when the name of the company is Towry makes you look like a blithering idiot. No doubt you are yet another of the many who feel they are the cream of the UK IFA crop. I can only pity your clients and hope that the general UK public does not believe that you are a good representative of the industry there..

Have you ever tried to move funds out of Edward Jones? Try it.

Have you ever questioned their recruiting methods? They are still sticking to their regular methods: Lure suckers in, suck them dry, spit them out. Have a look at the want ads (job listings for positions) for Edward Jones, you will see nothing has changed.

So Citywire removed the 'Anon 2' accurate comments,and in doing so it has not only failed the consumer, it has rewarded and acted as the lapdogs of both FSA and Towry Law. Citywire has pulled something itself which should have been the lead story - trouble is, either the FSA or Towry Law has tugged on the lead and the Citywire poodle has come running to obey, salivating at the mouth to adhere to one or other of its masters. Possibly its master was both FSA and Towry Law acting together - FSA, Citywire, Towry Law - they are all culpable. If it was not Towry Law or the FSA, but was Citywire editorial that would be quite worrying.

The biggest loser = the consumer

In doing so Citywire may have unknowingly conspired to denying the disaffected 'consumer' from knowing the facts about how the consumer is exploited by Towry Law and how the FSA has failed the consumer on TCF yet taken no action. Citywire is not the story here it may have been given no choice.

What are the FSA and Towry Law so afraid they do not want the public or consumer to hear??? The facts have been deliberately denied consumers and so they do 'on line' and web readers a real disservice. Yet Citywire are happy to have portrayed a 'similing happy no problems image of Towry Law' in publishing what Towry Law wants them to publish. -Cheap advertising for Towry Law carried by Citywire. If North Korea asked for expertise in running a model on line web site forum...

Who are the x3 Candidates behind the removal - Conspiracy Theory

Candidate 1) Citywire - clearly it was Citywire's decision alone (possible but unlikely)

Candidate 2) Towry Law - The decision to remove was at the behest of Towry Law - remember it was Towry Law's propaganda machine that contacted Citywire to publish the lead story in the first place. Andrew Fisher/ cohorts at Towry Law tells editorial 'not only will we stop giving you any first scoops on your website, we will murmur a veiled vague threat to take action against you' Comply?

Candidate 3) The FSA - a longer shot but the FSA do read the and they are very much into censorship and denying Freedom of Information and sensitive inforamtion in the public domain. They had the motive too -they would have ben equally damaged by the Anon 2 comments and observations.Comply?

Candidate 4) The FSA and Towry Law together

Candidate 5) Citywire, the FSA and Towry Law unanimously altogether

For those who missed the Anon 2 comments these will not be surpressed.

Citywire may be devalued for removing it but it is hard to hide the truth it conspires to hide. Citywire washes its hands, not in my back yard.

Anon 2 comments were widely agreed as accurate observed comments, not based on speculation. It addressed questions to both Towry Law and the FSA, not Citywire!! Both the FSA and Towry Law could have chosen to defend the comments:

a) The FSA could have defended its role in TCF - if the comments were not true it would have nothing to fear!!

b) Towry Law could have disputed or argued about the accurtate reporting of its own HIGH Discretionary Fund Management Service charges and the way it had denied fair treatment to its clients on TCF. These were accurate facts!!

So thank you for making this a controversial issue Citywire.

Like any controversial PR piece, this will now get even more 'airtime' as the public cannot be denied access to information.

I dont like the word censorship it sounds as if Citywire is acting for some Communist State like North Korea like somekind of poodle or lapdog.

In summary, please vote for who you think was the candidate most responsible for asking Citywire to pull Anon 2??

The FSA and Towry Law had most to lose so both are hot favourites.

Long live Citywire and all the good it does for consumers and IFAs.

May be consumers or IFAs can find solice in other mediums that do allow true facts to be revealed? Facebook, Twitter, You Tube, Websites, free press??

Dear Anonymous 2,

Your comment was removed due to the number of unsubstantiated allegations made within it.

Kind regards,

Michelle

Dear Michelle McGagh.

You want substantiated allegations?

We had £250K+ with Edward Jones in 4 accounts and asked for a transfer out in specie on 26th March.

To date only 8% of these assets have been transferred.

In his letter to clients dated 28th March Andrew Fisher stated that we would no longer be supplied with monthly statements but that "ad hoc statements can be requested from your advisor." He also stated that "daily pay-away arrangements will be cancelled to be replaced by monthly pay-away".

We have not received a statement on any of our accounts since April.

We did not receive any of the cash accumulating in our account until 29th June and that only after spending 2 weeks of telephone calls and emails, finally having to threaten Towry's Bristol office with the Avon & Somerset Policy Fraud Unit.

We have still not received our 'ad hoc' statements despite being assured by our advisor that they had been posted first class last Monday.

We have followed the Complaints Process outlined by Towry's Bristol office and to date have not even had the courtesy of an acknowledgement.

All of this can be sustantiated in copies of emails should you be remotely interested.

Treating Customers Fairly? We're not even being treated as customers.

John. You could always post the email text on here which could not then be described as "unsubstantiated". Also, Citywire, you are supposedly journalists so how difficult is it to substantiate content? Do you not have access to a current client report / charges information etc. Surely with all the "clients" that have posted on the site you could follow up and request to see documents that they get - then you could substantiate or not as part of the wider story. This also suggests that no Citywire staff are clients of TL themselves.

Same as EMC i dont work for either firm, but, despite the increasing censorship, am enjoying the show - like Waldorf & Stadler.

why is it that only ex ej advisers post on here no tl employees are you all afraid of something or is the truth to hard to tell?

Maybe they are all too busy working? Which, if they are as brilliant as they all think they are, is what the ex-ej advisors should be doing..... no?

:-)

EMC

Interesting. Despite claims to the contrary in these comments it appears an injunction was granted against the ex-EJ advisers and the case now has a date - July 14th.

Next Wednesday then - the court case transcript will make interesting reading. Citywire journos ought to be able to find some very, substantiated, juicy quotes in that and the narrative sould be good. Legitamately in the public domain, accessible and free.

The injunction was common knowledge EMC, but that is just a legal holding tactic for the plaintiff who, if the case fails, will be required to recompense those subjected to it. An injunction in itself does not suggest guilt, just enough on the balance of probabilities to support a case.

We shall see and we shall see, in that instance, who did what, when and why. It doesnt detract though from the wider story of clients not able to rely upon TCF and all the other alleged shennanigans surrounding the transfer out and handling of clients; the subject of the injunction pre-dates all the latest information regarding transfer out delays which, allegedly, may or may not be deliberate, accidental, unavoidable, avoidable, and any other adjective one wishes to asrcibe.

But don't you see, by stating no injunction was ever granted when in fact there was one, simply devalues everything else stated as 'fact' by that particular poster? They don't need me to ridicule them, fun though it is, they do a brilliant job of it all by themselves. Cream of the IFA crop? Would you hire any of the bozos commenting with fake accusations and fake facts about Towry on here to look after your piggy bank? It's pretty clear why EJ UK was sold if they were the best of EJ's best :-)

And still you wonder why I question and put forward the possibility that there are two sides?

EMC

To all those anonymous whiners out there...

I have watched this commentary with interest...as an investor I for one have had experience of IFAs and EJ in particular and you know what what a shower you are.

I have experience admin delays with pretty much everyone I have dealt with over the years - it happens. I can list a whole raft of major firms who have had rough periods if anyone wants it. If you have a admin problem speak to the company about it as far as I can tell Towry seem to be trying to get it right but can't win with you people.

Perhaps a lot more important nowadays is if everyone on this site starts putting in whether they charge commission or charge fees...there is so much hogwash talked by people who clearly have a beef with Towry over something in the past or I suspect have been in trouble with Towry legally and it makes a lot of this ridiculous carping totally pointless - drag your profession up by sensible debate you are beginning to sound like those MPs shouting out in the Houses of Commons all the time.

As for Citywire if they happen take some unsubstantiated comments down what happens (?) you all cry 'scandal', when in fact you have to realise you can't just throw rubbish around and expect every one to believe it. You all seem to love journalists when they print what you want to hear and hate them when they don't. Shame on you.

No doubt you will all round on me saying I am some sort of censor but in fact I am an ordinary investor who has dealt with the so called 'profession' - seen the total lies sold to me by commission hungry IFAs who have frankly lied about what I was really paying for the advice and then run for cover when I complain. It is obscene what your industry charges for so called advice - thousands of pounds for a couple of hours meeting then you fib about getting a trail charge afterwards. Put an significant money on the table and you earn a fortune from the advice and then wonder why the investors out there don't trust you.

I think Citywire should not allow you all to post anonymously - they should get you all to register as I have and verify your companies with the FSA or Bank of England or who ever regulates you lot and then allow you to post. The FSA must read this stuff and laugh themselves silly when you all talk of being professionals.

I registered - and you can all get out from behind your 'anonymous' tags - and don't claim you can't - have the courage of your profession and re-register putting your proper names in there so all can see who is so brave - and to help put in brackets (fees) or (commission) after your name so all we little investors you all love so much can see what you are really saying.

As I understand it this RDR review thing is going to hit a lot of people very hard - all screaming about it not being necessary and all crying that it is not required but as an investor I tell you it is. Gentlemen pull your socks up.

Karen.

Karen, I agree with your points with regard to the whiners and complainers.

I have tested and I cannot post as anything other than Anon even when I leave the box unchecked. Possibly if I reregistered it might work.

Also as I do not work in the industry most of what you are asking for does not apply to me. I would probably only use a first name or a screen name anyway. My name is relatively unusual I don't fancy the idea of being tracked down by some nutcase if I happen to post something they disagree with. Though fortunately my house does not show up on GoogleEarth so they would have a tough time finding me :-), the best they could see is the the end of my driveway and the 911 location number.

As for the so called advisors on here, if, as they seem to think, they are the cream of the crop, I'll stick with the bank.

EMC

For EMC - the Towry plant - the important point is you have the choice where you put your money as had as a former EJ client. They were not perfect and they abandoned us. You are right to criticise them. Show more balance towards Towry and you would gain some credibility.

But I have exercised that choice and rejected the Towry proposition as I saw it as too expensive and I did not want to pay the high charges for a what I saw as a poorly performing product with a poor service.

The time taken to transfer out is a demonstration of this poor service and my complaint against Towry on its way to the Ombudsman to look into this on TCF.

I see I am not alone - I see about 10,000 others is mentioned ? - perhaps that might say something.

I think Towry need a PR campaign - I suggest change the name again !

Anonymous 2. I grant you that much of what you are saying is valid. Except for the ridiculous, and constant, accusation that I am a Towry plant, or, depending on what mood you are in, apparently an EJ representative. Come on now. One. The other? Both? I am neither. I certainly can't be both. Every time you accuse me of that you make yourself look more ridiculous.

As I have stated, I do not work for Towry, or EJ. Nor am I a client of either. Why do you find it so very hard to understand that someone who is now retired/a housewife Googling a company (EJ) that she spent so much time on when she did work though not working for them but rather trying to help their rejects, especially during the last painful months of my employment when I worked with ex-EJ 'so-called' employees who were sucked in, used up and spat out by their system, happened upon these blogs and gets a giggle/blast out of putting both sides of the argument?

And maybe not so much of a giggle. I listened to the EJ discardees. I heard how they had been mislead. They were no more suited to be stock brokers than I am, and believe me, I am not. Because of our Employment Insurance rules they were often ineligible for benefits, or if, and it was a big IF, they did get something, it is for a very limited time. It made me mad. So every time one of these so called 'Ex-EJ super duper 'stock brokers'' pipes up, I know they simply are not that good. You know it, I know it, their poor clients(usually family members) know it.

As I have constantly said, I do not use an IFA. Our tax laws are not the same as in the UK and for us, we find that our bank is doing a pretty good job.

Do I have no respect for EJ? Absolutely. Do I think they were cruel to their clients and employees in the way they departed the UK? Absolutely. But as I keep saying, why are you so determined to kill Towry? If they had not bought the company maybe someone else would - HL maybe - or, more likely, no one. and then the clients, advisers and tea making Boa's (sorry but I have yet to meet one with half a brain cell) would have been out on their ear with nothing at all.

So, here you go Anonymous 2. You think I work for either Towry (I don't) or EJ (I dont') and you (and I could be wrong and someone else accused me of this) believe I am in the United States of America (I am not). It is 8.52 p.m. as I type and we are watching yet another rerun of Sideways on Channel 654.

Have a pleasant evening/night/morning/whatever time it is where you are.

EMC

For Anon 2 - I find your comments equally unbiased to be honest...I think you are actually an EJ Adviser...otherwise I cannot see any reason why you would be 'Anon' if you have a beef with Towry why don't you just get on to them...

...since getting into reading all these postings I realise there is an agenda running isn't there?...basically Towry seem to have ticked some folks off, but perhaps more importantly there seem to be a load of disaffected advisers too who are now finding a voice in the blogosphere and they are using it.

I also think that anyone who feel willing to argue against you immediately gets a label as a Towry plant - EMC merely by presenting another case is clearly getting labelled that way - you seem to just not like a debate.

I have also dealt with EJ in the past - far from perfect indeed, did they have admin problems err...yes they did, but perhaps more important here is did they serve my purposes of their own...well in my experience it was more about the adviser than about me..I move my money around like everyone here and I use several companies to help me you should be doing the same.

KT

OK so now the World Cup is over, maybe we should ask Paul the Octopus who will win on the 14th?

EMC

EMC - that sums up your intellect and the sum total of your contribution to this blog. Everytime you contribute you reduce its IQ level back down to single figures. Actually I am a boit worried this might be to difficult ofr you to understand.

Who will win will be the clients who have correctly turned their back on Towry and want out. We all should remember they come first and this is coming through loud and clear.

Anonymous 2.

Anonymous 2. Uh huh honey. Quoting you ' Actually I am a boit worried this might be to difficult ofr you to understand.'

LOL Somehow I suspect the reputation of my intellect will survive, especially when you make comments like that.

Sorry that I have made you a 'boit' worried. What can I 'ofr' you to help relieve the pain?

You are not being fair, this is way too much fun and I hurt a bit from the laughter. But I should not laugh because it is at at the expense of real clients who were conned into investing their money with idiots in charge who were told by EJ that they were super duper stock brokers, (like you?), when in fact they/you could barely complete a 12 piece jig-saw puzzle. Here's a hint, try to find the corner bits first.

EMC

EMC - The Towry plant - I rest my case.

Clients come first - and by the way so you can understand, TCF = Treating Customers Fairly. Let me give you some free advice - try reading its 6 outcomes you will learn something for once - if that is possible ? Somehow with someone as biased and brainwashed as you obviously are I do not think you can get your head unstuck form where it is.

The FSA and Ombudsman will decide from the number of complaints they are receiving. All these people deserve better service.

Why should I study anything Anon 2? I am not in the UK. I am not an IFA. I am Joe Public. You are displaying a great image for your profession.

I do know for a fact that the vast majority of EJ employees are not suited to the business and are misleading their clients. That's what really matters.

A contract is a contract. Break the terms and conditions and you will get your wrist slapped. Get over it. If you really are good at your job move on and get new clients.

EMC

Emc,

could you please substantiate your given statement?

"I do know for a fact that the vast majority of EJ employees are not suited to the business and are misleading their clients. That's what really matters"

They hire anyone with a pulse, regardless of experience or qualifications, or lack thereof, in the financial business. The advisors refer to themselves as 'stock brokers'. In my opinion this is misleading. Very, very few EJ advisors have any clue about financial matters, hence the massive staff turnover.

EMC

I hope that anyone who claims they are representing "Joe Public", who has evidence that major financial institutions are misleading clients, has reported this evidence of this activity to the relevant authorities. If they have not done this then I question how much they are actually concerned about "Joe Public" and perhaps have a different agenda for commenting?

If anyone has reported such evidence I would be very interested in what the outcome was. If it was not reported then why not?

When I was working yes, numerous complaints were forwarded from people who had been hired and then dropped within weeks because they were completely wrong for the job. Often 20 or more people would be hired when in fact there was only one vacancy. This left the applicants dispirited and often out of pocket as they had effectively wasted time when they could have been working at something they were suited to. If they quit they were ineligible for employment insurance benefits. We also had a number of complaints that having persuaded friends and family to move funds to the company it was not very easy to move it back out again. We could do nothing to assist in that regard, our work concerned only the job aspect.

They were also tied by the terms and conditions of their contracts with regard to contacting clients. We frequently had to explain this to them.

All of this is from first hand experience of working with some of these people.

I have friends still working in the industry I was in and it continues today. Hiring someone who used to work in a furniture warehouse and giving then business cards calling them a 'stock-broker' does not make them a stockbroker. It does not give them any qualifications. It is just a card with their name on it with a job title. Just as handing a plumber scrubs and a scalpel does not turn him/her into a surgeon but if you go to a hospital and see someone dressed like that, you assume that the person is qualified. You go to an office and are greeted by a 'financial consultant' you tend to assume they are qualified. Is it misleading? I think so, both to the inappropriately hired employees and their clients who assume that there is some kind of experience there. As I have said repeatedly, not all Edward Jones advisors are unqualified, but huge numbers of them do not have any experience or qualifications in the finance industry.

As for the outcome, no idea, as they are still hiring presumably they are not breaking the rules though that varies anyway depending on location.

Do an advanced search on the name of the company with the filter words job or jobs and take a look at the hundreds of jobs that are being advertised. Ask anyone who works in an unemployment office or for career counseling companies what they think of them. You'll see.

They are not the only company doing it, but they are one of the big ones.

EMC

Anonymous I AM Joe Public. It is precisely because of the experiences described above that I wouldn't touch the average IFA where I live with a barge pole and we stick with our bank.

EMC

To EMC

I thought Edward Jones UK did not exist any more - why do you keep on referring to it?

Anyway, they did NOT take on 20 people for one position. There were NO positions! EJ would open a new office to accommodate anyone successful enough to get through their initial training, PLUS the initial CF exams.

This is the business model that did not work. Many of those with offices were successful, intelligent, respected and knowledgable.

Please do not bandy about insulting comments that simply are NOT facts.

There are good and bad in any profession - solicitors, doctors, accountants etc.. Some (not all) of the advisers were, and still are, good honest people, and do not deserve the tone of the comments you make.

Are you saying that a toilet cleaner cannot become managing director if they put the work in? If you are then shame on you.

From ex BOA, very good tea maker, smoker, and obviously in your books the scum of the earth.

Dear God, do you even bother to read? OK I will try to keep this simple for you dear.

At no time have I referred to Edward Jones UK when explaining my experience with them. I have never referred to smoking either, so that comment is out of left field but I guess it makes sense in your universe. Yes they do use those hiring practices. They are still doing it.

Now, here's a little experiment for you. Ask someone to help point you towards the west.

Start walking.

Eventually you will notice that it feels a bit damp underfoot. It's called water. The UK is surrounded by it.

For the purposes of this experiment let's assume you can walk on the stuff, I am sure you can handle that given your high opinion of yourself.

Keep walking west. You might hit Ireland but keep walking. Eventually you will reach a very large body of the dry stuff. It's called North America. It is made up of dozens of countries.

As this will have come as a bit of a shock to you, I'd better stop here and let you have a cup of tea, a cigarette and perhaps a little lie down.

EMC

EMC - The Towry Plant.

Edward Jones are history get over it - you need to get a life.

Towry are the guys with the problems now - where the clients are leaving - why do not you not address the issue - because you are a frustrated Towry plant with your record stuck or perhaps you do not interact or understand too well - would words of one syllable help or grunts and noises. You are well suited where you are - no judgement, no intellect.

EMC - I have found many, many inacurracies in your tales over the weeks and months. In fact, i still believe you are related in some way shape or form to either Towry Lie or Jedward Wones but I am not clear exactly how; A TL employee; perhaps a relative? or ex EJ running back to "North America" with your tail between your legs.

So i summasied, given your "hints", that you live in North America. Given your statement:

http://citywire.co.uk/new-model-adviser/towrys-transfer-problems-down-to-na%C3%AFvet%C3%A9-not-conspiracy/a411843

Jul 07, 2010 at 22:46 - you quote "At least have the courage to answer one simple question, why on earth do you think I am in the USA? Inquiring minds would love to know. Otherwise, point proven, you are all mouth and not a trouser leg in sight.".

This seems quite a vicious statement of attack considering given all your other statements about "moonshine buddy" , this side of the pond and suchlike - many had the impression that you were stating that you lived in the USA - when you may live in Canada, or perhaps Greenland. In which case the only circle of friends would have is the north circle - this would also explain why you are so frigid in your attitude.This is just one example where you prove to be less than balanced with your attacks. This is why no one accepts your view. Re-invent yourself.

I found these blogs and comments because I was doing a search on Edward Jones as a follow up for a friend I used to work with. I started to read here and shortly after that EJ UK walked.

I found it both amusing and not a little amazing how the whiners and complainers blamed all their woes on the company that bought EJ UK and when I put in a very simple comment pointing out that if Towry had not bought them then either someone else would have done, or no one, I got clobbered because I was not following the status quo and bashing Towry. I don't know Towry. I have read up of course. I DO know EJ and their hiring practices.

After that no matter what I said I got bashed, insulted, ridiculed. Usually to the cost of the ridiculer because they would assume facts that I had never stated or try to misquote me, hard to do when everyone can simply scroll back up and see what I said. Any time anyone on these blogs disagrees with you and your compadres, we are accused of all being the same person (amusing), or Towry employees (can't speak for the rest but I am not)

I was insulted on a personal basis because I posted under the screen name Ellie Mae Clampett. I even had to point out to one bright spark that EMC is a character from a TV show, as I said at the time, next I will try to explain to him that the Rover's Return is not a real pub.

Many of you attack my intellect - I'd say I am holding my own pretty well on that score since I can run rings around most of you, especially you and the ex-BOA but in the latter's case it is understandable, I have yet to meet one who can rub two brain cells together.

I have been polite and said thank you when I have asked for information. I I have apologised when necessary if I have addressed comments to the wronger poster - though none of you guys have to me when I prove you wrong, you just go away and whimper under a table somewhere.

I have repeatedly said that I do not believe all EJ advisors are unqualified, just that the vast majority are. I imagine it is one of the reasons they pulled out of the UK, they knew the staff they had would never be able to pass the exams to qualify under the new rules. I am guessing it is also the reason that Towry probably didn't want to employ many of them either.

I have a life. It's very nice thanks. How's yours? Looking forward to court?

EMC

Anonymous 11. Did you even manage to get to high school?

North America is comprised of more than 2 dozen countries. Moonshine was mentioned frequently in the old TV show the Beverly Hillbillies. OK so that's geography and popular culture. Is there anything else I can assist you with?

I never thought I would end up spending my retirement as a teacher but OK, if you like, I've got the time.

EMC

EMC

Your insults continue. And so do mine........................you are obviously an uninformed outsider just putting their oar in and paddling around just to stir things up. You offer nothing to the discussion.

I have more than 2 brain cells - perhaps we should meet??????

Yes, if Towry had not bought EJ (UK) then either somebody else would have or they would just pull out. State the flippin obvious why don't you?

If some other company had bought EJ then this debacle MAY not have happened. Yes, we should accept that EJ (UK) have gone, but I, for one, enjoy continuing the discussion, when done in a sensible way. The thing you don't seem to be able to grasp is that us EJ (UK) ers care. We care that our very enjoyable jobs have disappeared, and we care that there are people out there suffering at the hands of Towry. People like me encouraged clients to invest with EJ because we believed in them. I, for my part, still do. I'm still mourning my loss.

The very fact that Towry have to do a marketing campaign says a lot. When in my various pre redundancy meeting it was said to me (I know 'cos I woz there) that their business grew purely on 1. referrals from present, highly satisfied clients 2. referrals from other professionals solicitors, accountants) 3. The National Lottery

Does this mean that these ways of growing the business are not as forthcoming as in the past?

What do you say? Do you have anything constructive to add, or will you just insult me again.......................baited breath..........................

EMC I've just scrolled back and discovered I've gone from half a brain cell to not having two - does that mean I now have one. 100% return can't be bad, or are you going to tell me my maths is flawed?

No anonymous 16 that is good maths, there is hope for you yet :-)

I am here because, though none of you believe it, I care too. About the people(ex-EJ employees) I used to work with as they dealt with appalling treatment as a result of EJ's flawed hiring practices along with the clients who were not served well because most of the people working on their accounts were unqualified.

As for what I offer to the discussion, it would appear to be quite a lot. Without my comments this thread would have died the death ages ago. All the time you guys get to take potshots at me and the few others who do not join the 'Let's Kill Towry.' brigade, the conversation continues.

Let's face it, you and the other two or three give me so very many opportunities to have fun by making such daft and silly comments. If you would slow down and read what I say you would have seen that I never said that I had experience of EJ UK's practice though it looks like it was consistent with the North American model.

Not to mention the other twerp who apparently thinks there are only 3 countries in the continent of North America. And that's a prime example of a super IFA? Gawd help the clients.

EMC

For Anon 16 - I as an investor should really stop reading these blogs because the more the more it annoys me...

I have dealt with EJ in the past... amongst many other so called 'professionals' in this industry. in my investing history. Sadly it appears to me that you seem to be mourning a company that simply didn't operate how you seem to think it did ! Clearly your experience was not mine !

I for one met unqualified (interestingly what are your qualifications?) commission hungry people who were clearly masking their personal gain behind a rather thin veneer of 'advice'.

To me EJ reflected the very state of this so called profession ... unqualified, commission hungry, and a business that only worked when clients never worked out the real cost of what they were getting for their money.

You can shoot snide remarks at anyone you want of course but please stop pretending that your agenda here is merely have a pop at Towry because EJ went under - are you just cross because you didn't get a job out of it?

I am glad I started reading these comments because as many of us poor investors out there the industry you represent(ed) is fundamentally flawed...would you like me to introduce you to investors ripped off by the unqualified advisers out there.

Is it true you could walk in off the street and within weeks be selling financial products at EJ as I have been told - you seem to know so much about the place perhaps you would like to comment on that??

KT

Well well temparatues rising it seems. I for one would like to see a halt to the childish comments and jibes at EMC who, only responds in kind, and at other times has some valid points.

EMC clearly has an insight into EJ the firm, and no i dont, and never have, worked for them, but i know some of those who have and their recruitment process was a variation of 'sling mud against a wall and see what sticks'. It wasted a lot of peoples time, was not profitable and made a sham of professional financial planners. Yes EJ managed to employ some good people who were or became good advisors with the right intent, but it seesm the majority of people were recruited to an advisory role that was unsuitable. So my first hand accounts and EMC first hand experiences in recruitment or the labour exchange (or whatever) are in synch.

However, ignoring the disgrunted and frustrated ex EJ peeps, there are still many many reasons for the unpopularity of TL over here EMC (from ex clients, ex advisors, advisors at large and others) and it cant really be anything you have had first hand experience of given they have never had a presence over there; yes, i accept maybe you might have when you were here, but by the sound of it that would have been pre merger with John Scott and a different beast. I also dont feel that this dislike eminates from any sense of envy for AF or the TL machine in the slightest, or from a begrudging admiration of it in any way.

The initial few comments on here seem to pant a fair reflection on the 'sales' process of TL and their apparant obsession with hoovering assets for market value to float and seemingly to the detrminet of clients interests. Also the PR game they seem to play and alleged duplictitous statements do rile those who can separate spin from reality. TL in their own way like EJ did appear to make a sham of professional financial planners despite protestations to the contrary - allegedly the planning extends only as far as a plan to get hold of as much assets as possible. It seems that this is what annoys those who have never worked for EJ.

The ex EJ have their own reasons for disliking TL and EMC feel free to take issue given your own insights into that firm, but surely as a rationale being you must be able to see the different reasons for the dislike and that one is more valid than the latter?

Anonymous 13. Thank you. Our friends have now left after an evening of tea and chat that had nothing to do with financial matters, so yes I do have a life! LOL. It is now approaching 10.40 p.m. and I am watching the news on TV.

I understand that some here have a huge hate on for Towry. And no, I have no experience of any of the many incarnations of the company, I have only been back to the UK a few times in 25 years or so and then only for a day or two.

My experience, as I have explained ad nauseam, has been with dealing with the fallout from EJ's dreadful hiring practices and what it did to ex-employees and the knock on effect to investors. As I have also said, they are not the only company doing this, but they are one of the biggest.

All I ever did was post my very first comment when people were ranting about Towry after the EJ exodus and I pointed out that if they hadn't bought them, someone else would have done, or no one. As the BOA commented, I stated the bleedin' obvious.

Well yes I did. And got flamed for it. As I am retired I decided this was interesting and kept coming back. The more they flame me, the more I come back. The more they make it personal, the more I get a blast out of running rings around them. That is not to say that I did not, and do not continue to care about the people I used to work with, I did then, I do now. But I know for absolute certain that most of the people working for EJ are (in the case of the UK were) at best, underqualified, to put it kindly.

From what I have seen here posted by so called, self-designated super-duper IFA's .... with the intelligence and insight they display, like I said, they are the very reason why I would never touch an IFA with a barge-pole and stick to keeping our pension RRSP in the bank. If this is the best they can do, it ain't that impressive.

Yes I can see the difference, but if you read my posts, all of them, you will see that I have been consistent in my comments. Sometimes some of the more loony tunes posters have lumped me together with anyone else who is in any way balanced or not anti-Towry. While I find that amusing it is really a bit sad that they cannot even take the time to read and see the difference in the writing styles, comments, content, but since most of them claim to be 'experts' in the field I ask you this:

Why would you:

Want to employ an IFA who thinks there is either only one or at best three countries in the continent of North America?

Someone who, when pressed, resorts to sexist comments saying that I am 'frigid'?

Someone, when backed against the wall, resorts to inane comments about my lack of intelligence? I think I have pretty well proved that to be incorrect. (wait for the baying howls from the critics :-) ...)

Am going to see if I can find a late night chat show or, heaven help me, Colin and Justin doing a makeover show.

EMC

Living on the continent of North America, which has more than 2 dozen countries, hardly any of them frigid and where I am, hotter than hell right now. :o)

To EMC

I would strongly suggest you follow your own advice and not make accusations or allegations to individuals that would be libelous. My exact comment above stated

"you may live in Canada, or perhaps Greenland. In which case the only circle of friends would have is the north circle - this would also explain why you are so frigid in your attitude."

The fridgid comment referred to the fact that you may live in a cold place: and a definition of the word means "devoid of warmth and cordiality" which i think sums up your attitude to all who opose your views.

I look forward to your apology.

This has been a fairly entertaining read.... there are obviously some very sore people out there and its quite surprising how an article about a business starting an advertising campaign can create quite so many responses which seem to be very little to do with the article.

I have first hand experience of dealing with Towry and Edward Jones and I think that there is some real misunderstanding out there....

Its funny how there are comments about the very expense and poor performing Towry funds without any detail? I wonder if the authors of these comments actually have these details and would like to share them with us??

Figures I have seen would suggest that the Towry funds have actually performed reasonably well since the set up of their funds.... a cautious fund that returned 0.5% after costs during the 2008 to me seems pretty good actually.. Be interested if other IFAs on here could put out the average return they achieved for a cautious investor during that year for comparision.....

I like to base opinions on facts rather than on vague comments which I worry may not be based on any thing other than speculation at best...

Maybe Im wrong and Towry is the evil monster business that seems to be portrayed here by some......

Anonymous 11, look up the law, you are posting as 'Anonymous 11', a number that changes on every thread. As for accusations and allegations, look in the mirror dear heart and at all the other 'anonymous' comments made here calling Fisher a liar amoungst many other things. As for your assessment that I am 'frigid', I have repeatedly said that I arrived here because I cared about had happened to the people I worked with, done to them by EJ, NOT Towry and that is what ticks you off.

So as for any thought of apology, as we say here 'Bite me honey.'

Stephen - spot on. My point exactly.

EMC

I have read with such internest the comments that had been made whenever Towry are mentioned. As Ste phen has said, a lot of comments posted on a blog when in fact the content of the press release has nothing to do with the blogs being written.

I salute you EMC for your absolute honesty, together with your impartial comments (sorry your brainwashed comments) and for winding up this bunch of Towry haters! If only between them all they could find half a brain cell, then the UK IFA industry would not be in th state it is currently in.

Have a nice evening EMC aka Towry Plant, which I know you are not!

Ps I await the targeted Towry Hater replies?blogs to what I have just written, but hey, such is life.......and as you say EMC , 'bite me honey'!

Does the 'Consumer Marketing Campaign' start tomorrow in the High Court?

Yes My Lord, I promise to tell the truth, the whole truth and nothing but the truth how firstly Edward Jones and now Towry have treated customers fairly in the last 8 months!

Unfortunately the court case is not against Towry or EJ, is it? It's against some ex EJ advisers that may have breached a contract. I hope Citywire report on it as I am very interested in the outcome.

I'm sure Mr Fisher will bring this into the marketing campaign somehow, and put his 'spinners' on notice to do their best.

EMC, glad to see that you are still about and working your magic!

It is amazing that Towry seem to inspire such comment for releasing details of a marketing campaign, I think that someow they touch a nerve with many people - if you check a rival publicatin to Citywire, they have now published an article on how Towry clients have set up a website due to the transfer errors - whether down to naïveté or not this kind of action is not good for the reputation and therefore I think being pragmatic, defenders of Towry (Or even those who are bold enough to say that there may be another side to the story) are faced with the wrath of clients and advisers alike who feel wronged by the Towry machine.

I would check the site out quickly as I don't think it will be too long before it gets pulled!

Anon 16 Very true, but at the end of the day it comes down to what the client wants to do with his/her money!

The website is saying what we all know -Towry are failing clients. I really hope it has some effect.

Towry will certainly need to do a marketing campaign if those sorts of comment make it into the wider media. We all know they will use the outcome of the case against the advisers and put their own spin on it either way it goes.

Surely a company with this trail of complaints would raise some suspicion with FSA, Ombudsman, Media - somebody?

Who is in bed with who???????????

Just imagine for one minute if I, as a BOA, had deliberately held on to client's money, with no explanation or contact. I would now be in gaol. I do not think a bank would 'get away' with this either. How can a British company go on blatantly keeping hold of people's money without redress????? It beggars belief.

It needs investigating - is this sort of thing the police would be interested in?

EMC - The Towry plant - answer this one ? As the Towry fan (plant) you are and blame Edward Jones - needle stuck, the weather, other IFAs even the clients. You sad disillusioned person - you need help - and stay with the banks. Ha!

Anonymous 2, answer what? In your silly rant you appear to have forgotten to actually ask a question. Yup if you are a top notch advisor, I'll stick with my bank. As many people have said, we all have a choice, that is mine.

So my question is; why has Citywire not posted the story of the protest web site that appeared earlier in MM? Usually quick to post the stories / articles at the same time?

might it be because someone in the cabal has interfered with editorial decision...or are CW trying to avoid some Towry tort action brought to maintain the viel of ignorance? Nicole Blackmore is rapidly becoming one of my favourite people.

Anonymous 13, who knows, meanwhile I find this comment by Anonymous 2 much more amusing:

'Anonymous 2Jul 14, 2010 at 21:24

EMC - The Towry plant - answer this one ? As the Towry fan (plant) you are and blame Edward Jones - needle stuck, the weather, other IFAs even the clients. You sad disillusioned person - you need help - and stay with the banks. Ha!'

Wonderful example of a self-proclaimed great UK IFA to show the world don't you think? I would love to assist but I believe that people in that condition first have to seek 12-step help for themselves.

:-)

EMC - the Towry plant - with your IQ you are well suited to your bank - it would be outside you league to understand much else - I hope they keep it real simple for you. You have no credibility other than to downgrade this blog and a poor attempt at deflecting away from the real issue of TCF. No point in explaining - its over your head !

there are 2 pieces if information that i have gleaned from other sites this week;

(1) - that TL clients have started their own website and a petition to the FSA

(2) - that the court case was not on Monday after all (can anyone confirm this for me and why???)

Yet neither reported on Citywire - are they now in TL's pockets?

Sorry - I did mean Wednesday (goes to coffee machine for a stronger shot!).

When it gets personal it gets silly, EMC has a great intellect otherwise people would not be so passionate about what they have to say. For me I don't share their point of view but I respect that they are entitled to an opinion and if that happens to disagree with mine then fine - no problem, a debate but this has become a bit childish.

As I see it, Citywire may have been asked to or decided to take the peddle off the metal with Towry - the website is interesting news but lets be honest, anyone could set up a website about anything - they may be conducting journalistic investigations so they can get a scoop from the founder or they may just think its not newsworthy - at least not yet. Anyway, lets be honest here, they could just publish an article called Towry with no story attached and it would get the kind of response that this one has (All they did was say that they were getting some marketing) - not saying its lazy journalism, but the point I am making is that Towry evokes such emotion that Citywire may have decided to ease off a bit. Also I thought the lady who previously was quite damning of Towry has moved to a senior position in Citywire so perhaps Mr Steger is trying a different approach?

I do find it interesting that on a rival publication, they have had it confirmed that the highly publicised court case versus Raymond James that was trumpeted as being held yesterday in fact is not due to be heard until the autumn with no firm date, gives the impression that the case is not that high a priority.

I heard about this site... set up by one disgruntled client. Had a look and it has the sum total of 14 people on it... not exactly a plethora of complaints!

LOL if I serve no purpose then why did you address this to me?

'Anonymous 2Jul 14, 2010 at 21:24

EMC - The Towry plant - answer this one ? As the Towry fan (plant) you are and blame Edward Jones - needle stuck, the weather, other IFAs even the clients. You sad disillusioned person - you need help - and stay with the banks. Ha!'

As you can see you demand that I answer a question and then failed to ask one. I have never blamed the weather, clients or anything like, except in your rather 'soaked' mind - the note above was written around chucking out time and it shows. I have said since day one that have our pension with a bank. Our system is very different here. As I have also pointed out, if you are a prime example of an IFA you are not doing your fellow IFAs any favours. They must just cringe every time you open your mouth.

I take it you have had a cup of coffee and looked up the address of that 12 step place? One day at a time, there is always hope, try to stick with it.

To anom 2010.

I feel your comments regarding the number of clients on the treatingcustomersshabbily website shows a total disregard for the frustration and concern these people are experiencing through no fault of their own. Unfortunately they do not have the resources available to them to start a Towry style communication campaign (ironically part funded with their money as a result of transfer delays). I applaud their efforts to be heard. The bottom line is people ARE being treated shabbily by a member of our profession and, instead of mocking, you should show some empathy.

I feel very uncomfortable about my ex EJ clients who may have tried, but been unable to contact me (or in some instances did not want to contact me). I feel a responsibility to check they are being looked after, but of course the Towry threats make that difficult. If a company so fiercely defends their client base, they should do so in the knowledge they provide equally good service. Unfortunately I am not convinced that is the case, evidenced by the experiences of clients who have stayed with me. But that is going over old ground.

The underlying theme is that the client is the most important person here and we should support them in their efforts to raise the profile of the current unacceptable situation - the very best of luck to them in their quest. Instead of spending money on court cases and marketing campaigns, perhaps Towry should be thinking about using some of it to compensate the real victims here!!

"hear, all ye good people, hear what this brilliant and eloquent speaker has to say!"

hear, hear anon 2010

And thanks to Anon 20 for your kind words. Anon 2010 .. I think you might find that there are a few more on there now ;-)

Just to set the record straight our Petition states:

"We the undersigned, as Towry customers, request the Coalition Government to instruct the FSA to take enforcement action on Towry under its obligations to "Treating Customers Fairly".

As Advisors we're allowing you to post comments anonymously although as Investors you would need to state your name. So why not add your experiences.

You're right when you say that "the most important people are the client".

People like one lady who wrote:

"I am a widow and since the take over have not been kept informed as to what was happening. I have felt isolated and vulnerable. Since advising Towry that I did not want to transfer them my new financial advisor has hit a brick wall as far as transferring my assets."

Or another who wrote:

"I am an elderly widow and I am most concerned that not one penny of my money has been moved out in spite of Towry receiving instructions on 3 March 2010. I complained by letter after several phone calls. I eventually received a reply in May saying it would be sorted in 4 weeks.

I have still received nothing and not one statement."

Or one couple who have said:

"Towry will NOT release to us detailed financial statements. Whose money do Towry believe they are holding???? Bring this web site to your MP's attention, as we have done. The sooner this issue is in the public domain the quicker it will be resolved."

We would hope that you people might be able to help. Only by bringing the scattered pieces of this jigsaw together can we hope to present the full picture and demand that this embarrassment to the Financial Services industry be investigated.

http://www.treatingcustomersshabbily.co.uk

Kind regards.

It does seem John that you do have an increasing number of comments being left on your petition site; are you keeping track if site hits?

Also, to truly co-ordinate the petition the HM Treasury dept of the Coalition is one thing but to also lodge with the FSA, FSO, OFT, certain Elderly Charities/ Pensioner Welfare Groups, left and right wing newspaper groups, national free newspapers that are found on public transport, big city free papers, all MP's inbox at Parliament and any other relevant body or lobby group then you will have a multiple approach.

You appear to be petitioning about circumstances that are happening in real time, corroberated by client statements and all seemingly factual so, win or lose, you will at least generate awareness/publicity and which may then result in a wider change to the entire industry wide process of client asset transfers.

Just some thoughts whilst sipping Black Russians and watching the surf break upon a moonlit beach.

Interesting that many of the quotes getting posted here are getting copied and pasted in to this new website...if you compare some stuff written here and some the stuff posted on the new site - interesting overlaps !

I think something more sinister is afoot here Mr Simpson...what is your agenda really... How can we other investors tell you aren't just writing this stuff yourself...?

Also I hate being taken for a fool - what is your link Mr Simpson with EJ...? Me think you should come clean about your motives. I notice your site seems to say in its terms and conditions that you have the right to take anything off that you don't like to post...so stifling any comments you don't want! This is if you read your earlier comments just what you hated about Citywire removing posting with unsubstantiated claims in them?

I heard today from two people who wanted to post on to this new website that their posts never made it on to the site?

Watching all this posting only reinforces my view that this industry needs an overhaul... it strikes me that all the wrangling comes down to commission hungry supposedly independent IFAs desperately trying to make clients swap money to them so they can receive the trail commissions.

I feel for those people when the admin has been bad with any adviser - but this is not limited to Towry as far as I can see. There are delays with at three other companies that I am aware of because I am dealing with them.

Let's hope this RDR thing puts a stop to commissions for good or will people find another way around it.

I still think - but I notice that everyone ignores my comments that all advisers on this site should be made to post with brackets after their name saying - (fees) or (commission) then we can see which comments to take seriously.

Karen, I don't think they are ignoring your comments, though I doubt many, if any, advisors would actually do that. But that's an entirely different issue.

BUT I can tell you that it would appear that if any contributor/comment has at any time clicked on the little 'Make my comment anonymous' box it is not possible to go back to showing a name. The very first time I posted anonymously I was the third to comment, so I was Anon 3. Now on every thread it says this on my screen:

Anon 3, leave a comment

Comment (required)

Box under that.

Even if I do not click in the check box below that it still shows me as Anonymous # whatever order I happen to hit. In this case 10.

Also, in the online communities world there is much debate about showing real names. Many sites insist on screen names. Legally it is a very woolly area and is governed by the country where the servers reside rather than where the contributer is located.

To Karen from ex BOA

I agree the industry desperately needs an overhaul, but I do not agree that the wrangling is about commission hungry IFAs. I think it is about people who cannot get at their money and are distressed, and some of us are doing the only thing we can (shouting on here about it).

Whilst I agree with the gist of what you are saying Anon 16, I would counter with this: Have you ever tried to move money out of EJ (in the UK pre-mass-exodus or after the move to Towry, many of whose clients freaked out by ...well can we say, dubious 'advice' from their suddenly unemployed advisors - see below) or anywhere else in the world where they practice? Try moving money out of EJ in countries where they still function.

I would add that I only have anecdotal information since as I have repeatedly said, our money is in a bank, but I have heard enough anecdotes to make me very happy that my money is in a bank. In spite of the idiot who claims to be a top-notch UK IFA. Who says this kind of thing:

'Anonymous 2 Jul 14, 2010 at 21:24

EMC - The Towry plant - answer this one ? As the Towry fan (plant) you are and blame Edward Jones - needle stuck, the weather, other IFAs even the clients. You sad disillusioned person - you need help - and stay with the banks. Ha!'

Seriously, if that is the best of the best of the best in the UK, does that give you comfort? I'll stick with my bank, thanks. Especially when said expert advisor tells me that I need to stick with the bank because I am too stupid understand anything else. I am willing to bet that most IFA's are clubbing together to buy a gag for this eejit since every time he opens his mouth he puts the rest in a bad light.

:-)

from ex BOA to last comment.

In my 7 years as BOA I only lost one household to another FA firm. The transfer happened quickly and efficiently, via the CAT team. So I can only speak from experience.

Our office philosophy was that if somebody was not happy with our service then they should be assisted to move, but in general people were happy, and in talking to other BOAs there were VERY few transfers out. EJ UK were not in the habit of transferring out and this could be why delays started. The operation was transferred to USA and after speaking to the colleagues over there they just did not care because they were either temps or temporarily seconded to do it - there was nothing in it for them except grief and they probably did hand over a mess to Towry. However Towry did NOT address this situation in time for it to do any good.

Instead (and this is a fact) the FAs that were retained were instructed to contact ALL clients and attempt to move them into IIM. Any clients whose FA had left were 'divvied up' amongst the remaining EJ FAs - some of whom had only just finished their training. Their targets (the ones who told me) were of a similar figure to their assets under management, so in order to meet these they have to persuade (sell) the IIM to the vast majority of clients.

In the cases I know about this would involve 'churning' the products that were recently sold to the client with the advice that there was something better! (This particularly in the case of the NEW NEW who were not even segment one) The NEW NEW had only just sold a product.

This is an opinion/questions now - how can a FA be independant when he is instructed to sell just one product? How can somebody be an adviser when there is only one product to consider? How can somebody be impartial when being lead by unrealistic targets?How can it be fair that clients who had held products for many years had to pay for the priviledge of transferring to IIM when a brand new client gets it for free (initially)?

I do blame EJ for a lot of this - they should have researched the purchaser of their good will. However they are long gone, don';t care and cannot do anything about it. Towry, however, are still here and could do something and chose not to.

Why do I love Towry bashing - because I honestly believe that the company and some employees are not acting in the clients' interest. Don't they have a compliance/audit dept?

Any clients reading this I hope your petition succeeds, best wishes.

Yet another brave entry from an Anonymous person... everyone can sign their real names can't they what ever the tag name seems to be!

I no longer believe most of these postings, I think this has a very interesting back story...I think a lot of supposed investors and advisers posting on this blog are in fact the same people with a beef against one company...

We real ordinary investors are heartily sick and tired about all this now... How many of these anon posters are in fact EJ advisers with a beef?

i agree there needs to be a lot of investigations in this industry and this blog is one of them. I would encourage everyone with a genuine interest to look back over these postings and spot the massive contradictions, copied entries and misinformation with spurious reasoning, with dubious 'general isms' and with vague issue mentioned.

The more I look in this RDR initiative the more I for one think it cannot come quickly enough. So much of these commenting is clearly based on who gets the commission. Fees for all is the only way forward.

Karen Tythe

To Karen Tythe.

Hi Karen. I am one of the ex EJ advisers posting anonimously. Why? Well Towry have significant monies and an appetite to ensure it has an environment to make more. This entails taking measures to prevent clients moving elsewhere through threats, rather than encouraging them with their proposition.

Believe it or not I am one of the good guys, putting my clients interests first and foremost. I am not, nor do I need to be, driven by financial reward. As in any proffession I am sure there are some that do not follow my ethics.

I will defend anything I feel is wrong, whether the wrong comes from an ex EJ colleague or Towry Law. I have personally had direct evidence of what is happening and it is not defendable from any stance. Clients are being taken advantage of and are losing out. While this goes on, Towry continue to financially benefit directly from their plight.

My proposal is this. If Towry Law agree they will in no way challenge or disadvantage me as a result of ex EJ clients continuing their relationship with me, I will break my cover. I will then give you and anyone who wishes to listen, the full story.

If my situation, and those of my clients, is mirrored elsewhere, there are thousands of unhappy Towry clients. Even Towry themselves (Mail on Sunday today) admit to having received 700 complaints.The huge majority of clients will not complain as it takes up more of their own time. All (100%) of the clients that have stayed with me have been effected in some way. Without exception they think Towry have delivered a very poor service. However, they trust me to reassure them and therefore see no benefit in complaining.

If I were to extrapolate the figures from my own experience, I believe there are in excess of 20,000 clients that have valid complaints.

Let's not take the side of Ex Edward Jones advisers, or Towry Law. Let's take the side of the client and view it from their situation. Towry Law have fallen short of their obligations and are being exposed.

Totally agree, fee-only should be the way forward but it would appear that the FSA is going to continue to allow commission, with the only possible improvement being the fact that the advisors have to be more transparent and honest with the clients. And get some decent qualifications. Both probably impossible for some 'so-called' advisors.

Before the ex-BOA jumps all over the qualifications comment - Yes a plumber can become a surgeon, but not without the proper medical qualifications and licences, because that can kill people.

Incompetent and uneducated financial advisors can ruin peoples' lives. Can they kill people? Factor in suicide or stress related illnesses - sure they can.

Ellie Mae Clampett

I don't charge fees or commission.

I am in favour of a fee-only process.

Looks like I "did a bush". Defend anything where a wrong has been commited, is what I should have said. More haste less speed, as the saying goes.

You know what Anon 20 - I for one no longer buy this... I have read on these post entries in recent weeks so many people that have ' inside or personal knowledge of the situation' and the contradict each other...one minute it is this is happening, the next it is that is happen...I just don't need any hype anymore.

I believe that those scared to come out of Anonymous should break cover or shut up...otherwise all this is just rubbish.

Read my previous postings I have in the past dealt with Edward Jones - amongst lots of companies and it was far from perfect; it was clear to me how the system worked. If you Anon 20 were above all that you would have been with someone charging fees not taking commission - end of story.

The regulators are on to this tardy little industry and they are going to force the fees in - and I know a lot of investors who welcome this.

Anonymous 20 - no that's nowhere near a Bush. I don't think haste was an issue in his case. :-)

Ellie Mae Clampett - No Fees, No commission.

Karen.

I am not into how good or bad Towry or Edward Jones or their advisers were / are. I am addressing the current appaling situation, wherever it stems from.

Andrew Fisher himself admitted to 700 official complaints so far. Even if this were not the tip of the iceberg (which I am confident it is), it is a minimum of 700 peope who have taken the time and effort to write to Towry outlining their grievences. Whatever you believe or not, you have to admit this demonstrates something is very wrong. If you want to concentrate on hard facts then use these figures and forget about which company is behind it, because it doesn't really matter.

Let's stick to the subject of how clients are being treated, without clouding the issue. After all that is what is important.

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