Barclays to launch digital wealth management service

Barclays bank is introducing a hybrid digital wealth management service for current account customers with a minimum of £5000 to invest.

The new service, called Barclays Plan & Invest and developed in collaboration with Scalable Capital, will create a personalised investment plan that’s tailored to a customer’s goals, with Barclays then managing the investments on their behalf.

Customers will complete an in-depth questionnaire on their circumstances and what they want to achieve by when, along with a personality assessment on how they respond to risk. Barclays will then use the platform to combine this information with their expert team’s pick of investments, to create a personalised plan that can follow over 10,000 investment paths.

Unlike many robo-advice providers, Barclays says it will adapt the investment plan to any changes in the market or the customer’s circumstances and check-in with them at least once a year.

Dirk Klee, CEO of wealth management and investments at Barclays, says: “We launched Plan & Invest after listening to our customers, who said they wanted an investment service that gave them the convenience and affordability of robo-advice, but with more of the personalisation of Wealth Management.”

The new service will initially be piloted with Barclays current account customers who have at least £5,000 to invest and will be accessed through Online Banking, with dedicated support over the phone. The bank will continue to develop the service over the coming months, says Klee, with plans to launch on the Barclays app later this summer.

Once a portfolio is set-up, Barclays will charge an ongoing annual fee of between 1.39% and 1.59%.