Barclays Wealth has confirmed it is to cut up to 15 members of staff on its IFA distribution team due to a “strategic re-organisation”.
Barclays Wealth says the move to review the IFA distribution strategy in the UK is due to the “changing regulatory landscape and rapidly growing use of third party platforms”.
In 2011, Barclays announced it was closing its advice arm, Barclays Financial Planning, and exiting the advice market for retail consumers. Barclays continues to offer advice to high-net-worth clients through the Barclays Wealth arm.
A spokeswoman for Barclays Wealth says: “As a result of this review strategy, a small number of employees will be impacted and we are currently looking at redeployment options.”
Last month, Barclays Wealth revealed its post-RDR charging structure with a new rate card for advisory clients. Clients using its advisory investment service will be charged an annual management fee of 0.75 per cent on the first £1m, dropping to 0.6 per cent for assets between £1m and £3m, 0.5 per cent for assets between £3m and £7m and 0.25 per cent for assets over £7m.