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February 9, 2011updated 13 Apr 2017 8:50am

Barclays’ big-bet on the online advisory channel

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

By LII editorial

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”.

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