Many companies are increasingly looking to tap into the growth potential of the UK wealth management sector.
Banking group Barclays has confirmed that it has plans to expand its offering in the industry after the launch of its digital advice service Plan & Invest last summer.
Dirk Klee, chief executive of Barclays Wealth Management and Investments, said: “As we’ve navigated the twists and turns of the last year, the need for more people to be able to access advice and have the right tools to manage their finances and plan for the future has never been clearer.
“We launched our digital advice service, Plan & Invest, last summer and it’s just the first step in our plans to open up our advice services to more people and grow our wealth management business in the UK.
“Looking to the future, we’ll be further expanding our wealth services to support our premier and investment customers, working across the whole of Barclays to deliver additional value and help our customers plan more effectively for their financial future.”
Industry
Barclays is not the only UK bank to assess its wealth management operation over the last few months.
In August 2020, Natwest combined all of its wealth businesses together under one private banking arm, which included Coutts, Adam & Company, Holt’s, Drummonds, PCAIS, Natwest Premier Banking and Natwest Premier 24.
On 18 January 2021, International Adviser reported that Natwest is looking to sell Adam & Co for a reported £50m ($70m, €58m).
