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Towry says ‘hit squad’ will clear transfer jam in a month
Markets
by Alex Steger on Jun 30, 2010 at 08:20
Towry has said it is confident it can clear the asset transfer backlog from the acquisition of Edward Jones within four weeks, after recruiting a 10-strong team devoted to tackling the problem.
Former Edward Jones advisers have criticised the IFA national for delays in the transfer of assets, which has resulted in some clients having to wait more than three months for their switches to be processed.
Towry, headed by chief executive Andrew Fisher (pictured), said it inherited the backlog when it bought the UK arm of Edward Jones in October and that it was close to resolving the problem.
Peter Foster, Towry head of marketing, said the firm had made ‘big advances’ in clearing the backlog.
‘There was a lot of systems integration to do,’ he said. ‘We have a hit squad, which is a group of people dedicated to really solving this as fast as possible, and we think we can kill this in four weeks,’ he said.
‘We don’t like having this backlog. The challenge is for us to get on top of that.’
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4 comments so far. Why not have your say?
Anonymous 1 needed this 'off the record'
Jun 30, 2010 at 13:39
Sounds like anouther great spin from Mr Fisher
report thisAnonymous 2 needed this 'off the record'
Jun 30, 2010 at 13:47
4 months delay - they need investigating. They did not inherit this problem - this is spin. This is deliberate and totally against the principles of treating customers fairly.
report thisJohn Simpson
Jul 01, 2010 at 10:20
Treating Customers Fairly? Not by a mile. As a customer of Edward Jones we have been trying to leave Towry since March. And in the meantime we now have:
1. No monthly statements provided
2. No financial advice available
3. No more automatic pay-away
4. 2 weeks of badgering before they pay out accumulated cash in accounts
5. No way of reconciling bank receipts from them
We consider it to be more like "Treating Customers Shabbily".
report thisAnonymous 2 needed this 'off the record'
Jul 15, 2010 at 20:38
Where have the 90 or so comments gone Citywire ?
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