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.”