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.
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”.
