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Barclays Wealth job cuts in IFA distribution team

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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.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Looks like they have to pay for Hector’s snout at the trough somehow – I doubt he will lose any sleep over the cull of a few more advisers from whatever background…..

  2. Not sure this is advisers?? I read it as their “broker consultants” given the reference to funds sold through platforms …

  3. Hector will need a big bonus- after the garden gate has closed.

  4. Anyone surprised given DFM/Wealth Managers can no longer pay commissions/introductory fees to IFAs as per COBS aka advisor charging.

  5. Unfortunately a result of poor judgement trying to launch banking products into the intermediary market with no real sense of what advisers required.
    The intermediary directors should be held fully accountable

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