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Santander could take on Barclays advisers

Santander is on a recruitment drive to add to its team of 1,000 in-house multi-tied advisers and says it will consider hiring Barclays advisers.

Last week, Money Marketing revealed Barclays is closing its advice arm, Barclays Financial Planning, and leaving the advice market for retail consumers. Its 1,000 advisers have entered a six-month consultation process.

A Santander spokesman says the decision to recruit is due to customer demand for branch-based advisers.

He says: “We are always on the lookout for talented people, with the view to grow our adviser team.

“If Barclays has the high quality people that we are after, then obviously we would look at them but we are not specifically sending smoke signals out to every Barclays financial planner.”

Santander offers a multitie advice service, advising on pensions, protection and investments from a panel consisting of Royal London, Aviva and Prudential. Its advisers are spread across its 1,400 branches.

AWD Chase De Vere says it is looking to recruit a number of Barclays advisers.

Head of communications Patrick Connolly says: “We are getting a continual inflow of calls from advisers at Barclays and recruitment agencies as Barclays advisers decide where their future lies.

“This is positive as it gives us the opportunity to hopefully access some good quality advisers.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Will the FSA treat them in the same way as they did Park Row people?

  2. I wouldn’t set on any of them that had sold the products that landed Barclays in trouble.

    If Santander is considering this, I am glad I am not a shareholder!

  3. Of one thing Santander can be fairly sure when recruiting ex-Barclays advisers ~ they can be relied upon to sell whatever crap they’re told to, to whomsoever they’re told to sell it. But maybe that’s unfair. For all we know, a good few of them had serious misgivings about what they were doing but feared dismissal if they dared to speak their minds. Certainly, a good few of the posts from ex-bank advisers that I’ve seen on the forums suggest that to have been the culture at many of the banks.

    Also, Santander may for all I know operate to the highest standards of suitability and integrity, in which case the boys and girls coming across from Barclays be in for either a nasty shock or a welcome surprise.

    For all that, though, from what I”ve seen of what a few of my clients have been sold by Santander, the principal products will probably still be fixed term capital guaranteed onshore life assurance investment bonds paying a bigger wedge of commission than collectives. Standard bankassurance fare, isn’t it?

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