Barclays is to train 450 account managers into independent financial advisers as the basis of a weal...
Barclays is to train 450 account managers into independent financial advisers as the basis of a wealth management service it is setting up.
The advice element of the service will be introduced in September into the newly branded Barclays Private Clients division.
However, until the new intermediaries have passed their Certificate for Financial Advisers qualifications, the division will use the Woolwich IFA arm, acquired last October, to provide independent advice.
Barclays has 125,000 clients in its Premier banking service, looked after by account managers who are to become intermediaries. It is these clients Barclays intends to move across to the Private Clients division, a service which will be rolled out across Europe
The service grew out of research among Premier clients indicating they favoured a single relationship for all their financial needs, rather than just banking. It is aimed at individuals with incomes of more than £60,000 a year or with £70,000 to invest.
Clients can access the service for £10 a month but must pay the costs of buying underlying investment products. Barclays advisers will pick funds from panels created by its investment management division, which will monitor and select funds according to risk and reward.
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