Towry said this morning four regional Ashcourt Rowan offices have been closed as part of plans to integrate the firms.
As part of the changes, Julie Lord FIFP CFPCM and Gretchen Betts CFPCM have departed from the firm’s Cardiff office, along with adviser Martin Briggs.
Ms Lord, former IFP president, was appointed a senior client partner at Towry after the firm opened its new Cardiff office, last summer.
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The Cardiff office had 15 Towry staff including six wealth advisers and had previously been providing Financial Planning and investment services in the area under the Bluefin brand. It was acquired by Towry in September 2013.
Towry, which bought Ashcourt Rowan for £120 million in May, said that Ashcourt Rowan had operated out of 16 locations before the takeover, while Towry has 20 offices.
The Financial Planning firm manages or advises on over £6 billion in assets and has around 800 employees serving clients from a national network.
A Towry statement read: “The acquisition of Ashcourt Rowan significantly extended Towry’s national network and the breadth of services we are able to offer our clients.
“However, there are a small number of locations where both businesses have existing offices and where it makes operational sense these have been merged. “This integration process remains on-going and our focus is ensuring we continue to deliver a first class service to our clients.”
Other staff reported to have left the company included advisers Adrian Windsor, Charles Pasamar, Matthew Fox, Martin Collins, Gary Morrison and Peter Wooff.