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Barclays to launch basic financial planning software

Barclays Rain 480

Barclays is launching new personal financial management software for its customers, including a range of financial management tools.

Barclays Money Tools will offer spending and income analysis tools, allow clients to set their own savings goals and provide income expenditure tools.

Barclays announced the plans at the Finovate Asia conference in Singapore.

The service will be made available to Barclays’ Premier customers in December before it is rolled out to all 4.5 million retail customers in January.

A spokeswoman says: “Barclays Money Tools will provide an integrated online banking and personal financial management customer experience, giving customers a range of tools to manage their money so they can keep on top of their finances, all via their online banking.”

In January 2011, Money Marketing revealed Barclays was closing its advice arm, Barclays Financial Planning, and exiting the advice market for retail customers.

The bank continues to offer advice to high-net-worth clients through Barclays Wealth, but no longer gives retail clients advice through its branch network.

Finance and Technology Research Centre director Ian McKenna says: “When Barclays withdrew its adviser salesforce many people thought it was getting out of financial advice. In reality, it was just a change in the way it will deliver financial advice.

“This appears to be a good way of getting customers to make decisions. These are the levels of financial planning technology that advisers will need to compete with the banks going forward.”

Investment Quorum chief executive Lee Robertson says: “This is a poor substitute for face-to-face advice.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Finance and Technology Research Centre director Ian McKenna says: “When Barclays withdrew its adviser salesforce many people thought it was getting out of financial advice. In reality, it was just a change in the way it will deliver financial advice.

    “This appears to be a good way of getting customers to make decisions. These are the levels of financial planning technology that advisers will need to compete with the banks going forward.”

    What a great endorsement for bank advice…less than £500k to invest and off you go to the website…not interested.
    More than £500k to invest, please come in and take a seat what can we do for you?
    I would imagine they will be inundated with enquiries!

  2. So I hope you new service complies with the new execution only rules in connection with platforms that the FSA launched earlier this year. Didn’t this ruling effectively ban execution only platform business and if so why is the regulator not looking at this online modelling tool provided by Barclays.

  3. Peter

    “Barclays Money Tools will offer spending and income analysis tools, allow clients to set their own savings goals and provide income expenditure tools”

    Yep..I can see where you got execution only platform from..

  4. This Barclays offering will appeal to a broad church of customers and as it evolves and is emulated by other large institutions. The convenience of online DIY will not be just for ‘sub-advice’ customers who have no choice but advisers will find their HNW clients looking there too.

    Advisers need to wake up, shake up their business models and make sure they have a value adding proposition that offers more than online tools, and this needs to be more than just face-to-face meetings. Then advisers needs to be able to describe their service in a compelling way that will make clients want it and be happy to pay for it.

    What worries me is that most advisers still seem to spend their time belly aching about the FSA… RDR… bank advisers… etc, instead of defining their own businesses and paying attention to how this is marketed to their chosen target groups.

    One of the best pieces of advice I ever received is this… if you can’t change something then change the way you feel about it!

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