Towry Law has acquired Baker Tilly Financial Services (BTFS), the financial advisory division of the accountancy firm.
BTFS’ 41 wealth advisers will now trade under the Towry Law brand. Towry Law said that BTFS has more than 20,000 high net worth clients and is an ideal fit with its business model.
Once practicable, the combined company will begin to operate on a fee-only basis in line with Towry Law’s existing strategy.
Up until the acquisition, BTFS advisers received referrals from all around the Baker Tilly network and this relationship will be maintained between Towry Law and Baker Tilly after the acquisition. Towry Law already has 160 wealth advisers and 500 staff, based in Bracknell, London and across the UK.
Andrew Fisher, chief executive of Towry Law, said: “Baker Tilly’s financial advisory division is a great strategic fit and brings over 40 highly qualified and well respected wealth advisers to Towry Law.”
BTFS’s advisers will continue to service clients in the same locations so ‘subject to certain client confidentiality and other regulatory issues, it will largely be business as business as usual’.
Nigel Tristem, a member of Baker Tilly’s national management team, said: “The sale of BTFS follows a timely review of our structure and what best suits the needs of clients of both the Baker Tilly Group and BTFS. Following a high level of interest, we selected Towry Law due to their quality and professionalism and our belief that they will continue to provide the highest quality advice to clients.”