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Another senior manager to leave PTFS

Personal Touch Financial Services’ head of compliance Stuart Baker has become the latest member of senior management to leave the network.

Baker is scheduled to leave the firm in mid-May after nearly two years in his current role. His next role will be at Mortgage Advice Bureau as compliance director.

PTFS has suffered a spate of senior management departures over the past year. Former chief executive Doug Crawford and former sales and marketing director Dev Malle left the firm in February and July, respectively, to join conveyancing services provider Myhomemove.

Former regional sales director Martin Igoe and former compliance manager Paul Petrie both left for rival network First Complete in December.

A spokeswoman for PTFS says: “We wish Stuart lots of success in his future role. He has been an important part of the Personal Touch team and we are delighted that Andrew Birch is now able to step up and take on broader role after two years with the network.”

Baker handed in his notice in February and is currently in the process of working with his replacement, Andrew Birch, in preparation of his scheduled departure date. Birch is currently PTFS money laundering reporting officer as well as the assistant compliance officer.

Before joining PTFS Baker was head of compliance for Sesame Services, having spent nearly 16 years with the firm. Prior to this, he was the compliance manager at insurance firm Eagle Star between May 1988 and October 1995.

Moneysprite director Ashley Brown says: “To hear another senior member of management has left is disappointing, and will need to be handled with aplomb on the PR front with members. In the long term I am sure PTFS will continue to thrive though, and benefit from much goodwill within the industry.”

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  • Wally 2nd April 2013 at 12:56 pm

    James,

    Disgruntled couldn’t ask PTFS anything even if he wanted. It’s nearly impossible to speak to anyone, if you do get to speak to someone they aren’t realy interested as they are so demotivated (and who could blame them), and noone there returns calls.

    Truth is Personal Touch have lost the personal touch. They have a good IT system in Toolbox and a good insurance proposition. Their fees (with the recent price hike) are now probably slightly expensive but they they way they handled it was terrible.

    I can’t see what is going to stem the flow of advisers exiting the network. PTFS are trying desperately to put a positive spin on it by saying it’s advisers that they don’t really want but I know about 20 different advisers that have left already and other networks were only to happy to take them. These are guys that are compliant and producing good levels of income.

    The next year will be crucial for PTFS. Not enough member = no good commission deals with insurers and lenders and then their proposition weakens.

  • James 30th March 2013 at 9:01 pm

    Disgruntled PTFS Member; you are getting boring now, please leave as soon as possible.I for one am comforted that my network is financially stable and finally has management who have an understanding of how to run a business. If you have any questions have you tried asking, probably not. Networks are as strong as the weakest members and members like you are bringing us down. You obviously have too much time and not enough clients.

  • Jon T 29th March 2013 at 2:15 pm

    At Disgruntled: I am a former Honister advisor, and the patterns here are eerily similar to what happened last year prior to the company declaring administration. Not saying the same thing is happening here, but I’d be on your guard, my friend.

  • Wally 29th March 2013 at 10:55 am

    I can’t see what the grand plan is for PTFS. They are losing members left, right, and centre. There must be a critical number where it’s just not viable for them and they lose clout with the insurers. It’s nearly impossible to speak with someone within the network. Calls are just not returned.

    If I was a member of staff at PTFS I’d be worried for my job and if I was a member that hasn’t already left I’d be worried as well.

    I think they’ve now realised the potential clawback liability they are left with as they are desperate for exiting members to novate their client banks away. Can’t see any member doing that.

  • Disgruntled PTFS member 27th March 2013 at 9:22 pm

    I can’t believe how many senior, important and experience staff PTFS have lost over the last 12 months. The list is endless and the personal touch is walking out the door, oh did I say my fees have gone up. In 12 months as well as the senior roles mentioned above they have lost 6 recruiters, t&c manager, training manager, field audit/risk assessment manager, file check team manager, half the account handlers, at keast half their ifas, I can’t see how they can stop the rot, I am voting with my feet and I bet half those who have not left yet have apps in elsewhere. It saddens me that such an established business is going in the wrong direction.