View more on these topics

Barclays Wealth unveils post-RDR advice charges

Barclays Rain 480

Barclays Wealth has 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.

As well as an annual charge, clients will pay an execution fee for every advised trade.

Execution fees for structured products will start at 0.7 per cent for the first £100,000, falling to 0.4 per cent for investments above that amount.

Equities and collectives will be charged 1 per cent for the first £100,000, before dropping to 0.65 per cent.

Clients using a dedicated portfolio manager will be charged 1.25 per cent for the first £5m, then 1 per cent for the next £5m.

The service has a minimum investment of £3m for new clients. The bank is considering whether to introduce a minimum fee of £37,500.

For clients with a portfolio manager, the bank will levy an annual financial planning charge of 2 per cent of the first £250,000 under advice and 1 per cent for assets above that amount.

A Barclays spokeswoman says: “We believe we continue to offer a market leading service to clients, with clear, transparent and competitive pricing.”

Barclays pulled out of mass market retail advice in January 2011, but has continued to offer advice to high-net-worth clients through Barclays Wealth.

Baronworth Investment Services director Colin Jackson says: “If a customer invested £1m in equities that would cost more than £10,000 for not very much work.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com