Personal Touch Financial Services is looking to attract at least 50 Barclays advisers in a recruitment drive aimed at those made redundant when the bank closes its advice arm.
In January, Money Marketing revealed Barclays is closing Barclays Financial Planning and exiting the advice market for retail clients. The staff of around 1,000 have all been placed on a six-month consultation.
Personal Touch says joining advisers will be assisted through an induction and training process and supported in finding IFA employers.
Workshops have also been organised to show prospective members how Personal Touch can help them make the transition to an IFA firm.
The network will also waive retention charges for Barclays advisers for the first three months of joining.
Personal Touch says it created the proposition after feedback from regional managers showed a significant demand for Barclays staff.
Sales and marketing director Dev Malle says: “When Barclays announced its advice arm was going into consultation we let advisers know we have the capacity to find them an IFA home.”
True Bearing IFA Julie Bayley says: “It will only work if these advisers receive the right amount of training and understand there is a difference between advice and sales. Our industry is about professionalism and I question whether what has gone on at Barclays has been very professional.”