In a sign of the times, UK
bank Barclays is to terminate its in-branch investment advisory
services in favour of the online channel. The bold change in
strategy will result in the loss of some 1,000 jobs.
Barclays explained that it
had conducted a detailed review of its financial planning advice
and that its decision reflects the emerging trend that customers
are increasingly purchasing and managing their investments
online.
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This, added the bank, is a
trend that is expected to increase steadily, and means it is
unlikely that in-branch advisory services would be able to deliver
a return that would justify the investment required.
In place of the face-to-face
advisory model, Barclays will be relying on its recently-launched
Investor Zone website, an innovative online, educational
website.
Investor Zone, said the bank,
is an online investment service offering “easy-to-use tools to help
customers learn more about investment products and enable them to
create and manage their own portfolio”.
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