Barclays cans DFM service for sub-£250k clients

Barclays’ wealth division has closed its discretionary fund management service to advised clients with less than £250,000 of investable assets.

The firm has written to IFAs to advise them new clients will be able to access its range of funds and structured products through third party platforms, but said it will not be able to offer a full DFM service.

A spokesperson said the approach was “better suited to helping [clients] to achieve their investment needs in a simple and cost-effective manner.”

The bank also said it was “no longer practical” to offer the service to direct clients with less than £100,000.

Direct clients will be able to transfer to Barclays Stockbrokers at no extra cost.

“Barclays believes that, given the importance of diversification, it is no longer practical to offer a direct discretionary service to the small number of clients we have with less than £100,000 in their portfolios,” the spokesperson said.

“We will continue to offer a discretionary service to existing ‘introduced’ clients who have more than £100,000 invested with us, and those beneath that threshold will have the option of moving their portfolios to alternative solutions at no cost.”

 

This article was first published on Investment Week

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