By Daniel Lanyon on Tuesday 14 July 2020
The bank has teamed up with the digital wealth management firm who provided the tech that sits behind the new proposition.
Barclays has launched a new digital wealth service offering financial advice through a partnership with Scalable Capital who provided the technology for the new service, called Barclays Plan & Invest.
The bank's customers will have access to both active and passive funds through a discretionary portfolio management service with funds chosen and managed by the bank’s investment management team from its wealth management division.
Scalable Capital, one of the largest digital wealth managers in Europe provided the technology. It is not it's first large partnership with a bank. The firm has also been a technology partner for Santander in Spain and Siemens' finance arm in Germany.
The new service will initially be piloted with Barclays current account customers who have at least £5,000 to invest.
Dirk Klee (pictured), CEO of Wealth Management and Investments at Barclays, said: “Over the last few months, we’ve seen a rise in the number of people wanting to invest for the first time and it feels more important than ever that we give people the right tools and advice to plan for their financial future.
“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.”
“I firmly believe that everyone should have access to affordable advice and Plan & Invest is just the first step in our plans to open up the tools we use with our Wealth clients to more people.”