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Businesses which fail to beat their rivals should look for problems with their training and competence (T&C) regimes, wealth manager Towry says.
The FSA has said it wants to see firms operating "robust training and competence schemes" and individuals demonstrating "good standards of ethical behaviour".
But Ian Howatson, head of learning and development at Towry, says good T&C is a way to boost business and not a regulatory burden.
"The truth is unethical businesses fail in the long term," Howatson told a CII meeting this morning.
"If you do not have a competitive business at the moment, looking at your T&C programme is a good place to start to change that."
A competitive business is a "natural by-product" of strong T&C, which is demonstrated at Towry, he says.
Towry overhauled its training and competence programme a few years ago. Howatson says Towry's journey "is not Utopian", but has been helped by strong support from "fully engaged" management, including CEO Andrew Fisher (pictured).
Tangible costs at the firm have decreased since the overhaul, Howatson says.
"In terms of hours spent, it cost us. But in terms of tangible costs, those are less as we combined T&C with the management systems we had to make savings."
But he urges firms planning a similar "radical change" not to wait for more FSA guidance before starting.
"Don't wait for more clarification to renew your T&C schemes. Don't wait for any more questions to be answered. Get on with it now," he says.
"Its much easier to make subtle changes later than implement wholesale change."
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Imagine no complaints, it's easy if your try
Lucky they had such a great T&C scheme. Imagine how many complaints they would have received if their T&C scheme had been crap.
Posted by: Mr Smug
Uncomfortable reading
I have to admit to finding this article very uncomfortable reading, with the lecture on having a good T&C regime coming the day after they were named the most complained about IFA firm in the UK!
Posted by: Martin Bamford
Clarity
How competitive would Towry be without the mega millions of trail it receives for clients it no longer advises or reviews? More untimely Ivory Towry comments - one would think they would keep their heads down for a while!
Posted by: Duncan Carter
Fishy is transparent
I know soemone who knows this guy socially. Apparantly he is very wealthy and a really nice guy. So he must be really good at what he does then! And what's that? Spin and more Spin. He is a product of corporate bullsh*t making sure he will get out with a big fat slice at everyone elses expense whilst pretending he goes along with our lovely successful regulator!
Posted by: Incompetent Regulators Awards Team
Staggering
I just wish you would stop giving this firm airtime .... other respondents have already told you what virtually the whole of the industry thinks so I will not add and the horror stories I have seen with clients that we have rescued from them would turn your hair white overnight ... just stop writing about them PLEASE!!!!!
Posted by: Ashley Clark
who needs advice on T&C from Towry
Towry should change its name to PARAGON that way we could all look up to it!
Posted by: virtue
Incredible!
I think it is a bit unfair of you to post a picture of Fisher when the quote is not his. He has sensibly stayed quiet for several months – and no wonder. But what an absolute elephant’s posterior this Howatson appears to be. What a brilliant illustration of stones and greenhouses! And what may one enquire are the profits of Towry EJ Ltd? According to the information that I have (last accounts published to 31/12/09) a pre tax loss of £59million with fixed assets a paltry £400k. Although you have to remember that there are a legion of Towry’s listed, but overall the figures are not a pretty sight. So what the hell is this bloke talking about?
Posted by: Harry Katz
Towry
Never mind T&C what about T.C.F. or don't they believe in this part of looking after customers, just ask all those people who dealt with Edward Jones and are now in Towry's "Custody and Dealing Service Re: Execution only.no advice given for any investment under 100k. All these complaints are because to move out of Towry you have to wait 3 mths, come on FSA what are you doing about this or are you afraid of them, and just chase the smaller companies.
Posted by: Phil Follows
Balanced View
I joined Towry a year ago in the middle of the Edward Jones court case. I was'nt sure what would await me on my first day, I was able to see through most of the self serving, blogs by former EJ advisers with axe's to grind. The reality is this Towry has moved on, EJ clients that came on board are mostly happy, those who left are well gone. We are profitable, all being trained to Chartered or Fellowship level with no credit for funds under management or trail. Towry is only a small part of my Career with experience in bank assurance, self employed and national IFA businesses. At Present I chose to work for Towry because they have taken me to the very top of my profession. The experience I have gained the past year has been invaluable. I would suggest that anyone feeling concerned about RDR looks at a career at Towry, I don't think you will regret it.
Posted by: Mark
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A bit choice
T&C lessons from a firm which has just announced it has had @ 2000 service complaints
Posted by: RMD