Towry Law said that its business model, in which the advisors rely on planning and management fees rather than commission, meant that it would be better placed to thrive as a public company than some of its predecessors.

The firm was not reachable for comment from WealthBriefing at the time of publication.

A number of wealth management advisory firms are listed: Hargreaves Lansdown, Books Macdonald, Syndicate Asset Management, Rathbone Brothers and Evolution Group.

In its report, the newspaper said that 75 per cent of the Towry Law’s revenues are annually recurring, but it is one of the few financial advice providers that will not have to change its business model to meet the City regulator’s new rules for retail financial sales, which take effect in 2012, the newspaper said, referring to what is called the Retail Distribution Review.

Fisher, who owns 20 per cent of Towry, said that the company is about to start interviewing bankers with an eye to launching an initial public offering by the end of 2011, subject to market conditions, the newspaper said.

“The float will let people kick the tyres and have some transparency. Right now no one knows who we are,” he was quoted as saying.

The firm reported pre-tax profits of £17 million (around $26 million) last year, the newspaper said. Towry Law oversees about £3.3 billion of assets.