The deal includes the brand Link2wealth and Towry is expecting to complete the transaction in Q2 of 2014.
The value of the deal has not yet been disclosed.
The acquired business, which advises more than 4,500 private clients and holds over £1.5bn of client assets, originated from the RSM Tenon Financial Advice business that Baker Tilly acquired in 2013.
The company said it expected the large majority of staff, including financial consultants, to transfer.
Baker Tilly and Towry have entered into agreements to ensure the smooth transfer of the business.
The buy out follows Towry's acquisition of Bluefin from AXA, completed in November 2013, along with five businesses over the last year.
Rob Devey, chief executive of Towry, said: "This is a hugely important and exciting deal for us.
"Towry has been very impressed by the people we have met and our aim is to provide an outstanding service to their clients and an outstanding work environment for the team who will be joining us. We look forward to welcoming both clients and employees."
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John White, chief executive of Baker Tilly Financial Management, said: "The clients and employees can be very reassured that Baker Tilly has found a strong and committed new owner for this business.
"Towry's focus on financial planning and provision of advisory and discretionary investment management services to clients will give continuity around customer service. After the ownership changes of the last few years, this is a very positive move for the long term future of those who have been involved with this business."