Barclays wealth management UK review: what are the pros and cons?
We review and explore the features and offerings of Barclays wealth management in the UK to help you decide whether it aligns with your financial goals.
For those in the UK with substantial assets, finding the right wealth management service is a significant decision.
With a wide selection of options available, it can be challenging to determine which platform aligns best with your financial goals and preferences.
Barclays, a household name in British banking, offers a comprehensive wealth management service. But is it the right choice for you?
We’ll delve into their services, fees, technology, and customer service to provide you with a well-rounded view.
Barclays wealth management is the private banking and wealth management division of Barclays.
Barclays wealth management provides a tailored service to a diverse range of clients.
The fees charged by Barclays wealth management vary depending on the service and the level of assets under management.
Barclays places a strong emphasis on security and has numerous measures in place to protect clients' money and data.
Before committing to any firm, it’s wise to consult a financial adviser who can assess your needs and help you compare your options.
Barclays wealth management: who are they?
Barclays is a major player in the global financial landscape, with a history stretching back over 325 years.
It operates as a transatlantic consumer, corporate, and investment bank with a strong presence in its home markets of the UK and the US.
The bank employs approximately 43,000 people in the UK.
Barclays wealth management is the private banking and wealth management division of Barclays.
It is headquartered in London and offers a personal and proactive approach to managing the wealth of its clients.
They aim to create unique solutions for every stage of their clients' lives, from accumulating wealth to planning for succession.
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Founded
1690
Assets under management (AUM)
£124.4 billion
Fees
Between 0.25%-0.50% per year
What does Barclays wealth management do?
Barclays wealth management provides a tailored service to a diverse range of clients, including professionals, entrepreneurs, individuals and families, charities, and resident non-domiciled individuals.
Their approach is centred around understanding the client's ambitions and providing a dedicated team of wealth managers, planners, and other specialists to help them achieve their financial goals.
They offer a holistic approach to wealth management, considering a client's needs from all angles.
The service combines technology and expertise in four key areas: wealth planning, investment solutions, lending services, and banking services.
What are the pros and cons of Barclays wealth management?
Here are some of the potential advantages and disadvantages of using Barclays Wealth Management:
The pros of Barclays wealth management:
Personalised service: Clients are assigned a dedicated team, including a wealth manager and other specialists, to provide tailored advice and support.
Comprehensive services: They offer a wide range of services under one roof, including banking, investments, lending, and financial planning, which can be convenient for clients.
Reputable brand: Barclays is a well-established and globally recognised brand, which can provide a sense of security for some investors.
Access to exclusive products: Clients may get access to exclusive investment opportunities and preferential rates.
Global reach: The bank's international presence can be beneficial for clients with global financial interests.
The cons of Barclays wealth management:
Higher fees: The fees for some services can be high, and there's a potential for private bankers to be incentivised to sell various products.
Lack of independence: Barclays may prioritise their own products and services, which could mean clients are not always offered the best available options on the market.
Inconsistent customer service: Customer reviews indicate a mixed experience with customer service, with some praising the staff while others find it difficult to get issues resolved.
What services do Barclays wealth management offer?
Barclays wealth management provide a comprehensive suite of services designed to meet the diverse needs of their clients.
These include:
Expert wealth planning: This includes tax-efficient structuring, retirement planning, succession planning, and wealth protection and insurance solutions.
Tailored investment solutions: They offer discretionary portfolio management, advisory and execution-only services, managed funds, and expertise in impact investing.
Lending options: Clients have access to residential and buy-to-let mortgages, as well as bespoke loans.
Flexible, easy banking: This encompasses everyday banking services, an award-winning app, and online banking.
They cater to a range of clients, from those who prefer to have their investments managed for them to those who want to make their own investment decisions with the support of an adviser.
What fees does Barclays wealth management charge?
The fees charged by Barclays wealth management vary depending on the service and the level of assets under management.
For Barclays Smart Investor, a digital investing service, the fee structure has been simplified. It includes:
A customer account fee of 0.25% per year on investments up to £200,000, and 0.05% on investments above that amount.
No charge for buying and selling funds.
A flat fee of £6 per trade for buying and selling shares, including international equities.
Foreign exchange fees apply for international trades.
For Barclays specific wealth management arm, the fees are more complex and can include:
Annual management fees: These are charged on the portfolio value and a portion is used to pay for the services of the private banker.
Annual fees (advice and custody): This includes a custody fee and an advice fee, which are tiered based on the portfolio value.
Dealing commission per trade: This varies depending on the type of investment and the transaction value.
Given the complexity, it's recommended to have a direct conversation with Barclays to understand the exact fees for your specific situation.
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"It can be daunting paying for financial advice, but it should add more value than it costs – and benefit you in the long term.
For example, optimising your pension strategy so you have a fund with lower fees and a track record of strong performance could pay dividends when you retire, although there are no guarantees.
There are other benefits as many people who received financial advice have a clearer understanding of their money goals, more confidence in retirement planning and experience lower financial stress.”
What technology does Barclays wealth management use?
Barclays has invested in a range of digital tools to enhance the client experience.
These include:
Barclays One and the Barclays App: These platforms allow clients to manage their wealth online 24/7, offering a convenient way to stay connected to their finances.
Barclays iPortal: This online banking platform for corporate clients allows them to manage their finances, make payments, and access various digital solutions.
Barclays Plan & Invest: This is a hybrid digital wealth management service. It offers a convenient and affordable robo-advice service for clients with a minimum of £5,000 to invest.
APIs and Integrated Solutions: Barclays offers API-based banking solutions to improve treasury operations and customer experience interactions.
Barclays wealth management security: is it secure?
Barclays places a strong emphasis on security and has numerous measures in place to protect clients' money and data.
Key security features include:
FSCS protection: Eligible cash deposits with Barclays Bank UK PLC are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS). Investments are also covered up to £85,000 per eligible person, per firm.
In-house security team: A large, dedicated team monitors for suspicious activity and employs multiple lines of defence against fraudsters.
Data encryption: The online banking service uses encryption to protect sensitive customer data.
Multi-factor authentication: This adds an extra layer of security to the login process.
External certifications: Barclays has achieved the BSI Kitemark™ for Secure Digital Banking and the international ISO 27001 certification, demonstrating a commitment to high cybersecurity standards.
Does Barclays wealth management have good customer service?
Customer feedback on Barclays' customer service is mixed. Trustpilot reviews show a wide range of experiences.
Many customers praise the staff for being helpful, professional, and friendly, with some highlighting positive experiences both in-branch and over the phone.
However, other customers report significant frustration with the contact process, finding it difficult to speak to a real person and experiencing issues with payments and account freezes.
Final verdict: is Barclays wealth management right for you?
Barclays wealth management offers a strong proposition for those seeking a comprehensive and personalised wealth management service from a well-established institution.
The breadth of their services, combined with their global reach and reputable brand, will be attractive to many.
However, the potential for higher fees, a lack of independence in product offerings, and inconsistent customer service are important factors to consider.
High-net-worth individuals who value a truly independent and fiduciary approach to wealth management may want to explore other options.
Ultimately, the right choice will depend on your individual circumstances and priorities.
If you value the convenience of having all your financial affairs managed under one roof and are comfortable with the fee structure, Barclays wealth management could be a suitable choice.
Get expert financial advice
Choosing a wealth management platform is a significant decision that can have long-term financial implications.
Before committing to any firm, it’s wise to consult a qualified financial adviser who can assess your needs and help you compare your options.
Whether you're planning a business exit, safeguarding family wealth, or simply looking for long-term financial clarity, professional advice can help you make the most of your money.
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