A Barclays Wealth vice president has been snapped up by Financial Planning firm Towry.
Michael Martin has been hired as a wealth adviser in the New Street Square London office.

He has worked in the field of Financial Planning for the past 16 years.

At Barclays Wealth & Investment Management, he has worked as a vice president in the wealth advisory unit since 2010.

Previously, he held roles in financial services at RBS and Sedgwick Independent Financial Services, among other firms.

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Chris Cole, executive partner at Towry London, said: “We are absolutely delighted to be able to welcome someone of Michael’s calibre to Towry.

“Michael is an accomplished and highly qualified Financial Planner whose experience in advising partners of some of London’s top law and accountancy firms will undoubtedly boost our presence in this expanding area."

In 2014, the purchase of Baker Tilly's private client arm increased Towry's client base, with the acquisition of Ashcourt Rowan this year set to make one of the largest companies in the wealth management sector.

Mr Martin said: “It is clearly an exciting time to join Towry following their major acquisition of Ashcourt Rowan, and I am pleased to be able to play my own part as the firm seeks to increase its footprint in advising clients across the legal community.

"I look forward to beginning my new role offering exceptional Financial Planning solutions to those working in the London legal and accountancy sectors.”

Towry's pre-tax profits fell last year from nearly £10m to just over £4m, results released in April showed.

The financial results for 2014 showed the group's operating profit also fell to £8.3 million. This was a drop from £11.8 million in 2013.

Pre-tax profits stood at £4.38m for last year, as against £9.815m in 2013.

However, earnings before interest, tax, depreciation, amortisation, and exceptional items were at a record high of £24.0m during 2014, versus £22.7m the previous year.

Towry's EBITDA rate has grown at a compound annual rate of 18.4% over the last five years, it said.

Revenue increased to £91.3 million in 2014 from £82.4 million the year before.

Towry manages or advises on over £6 billion in assets and has around 800 employees serving clients from a national network of approximately 20 offices.