IFA Personal Touch Financial Services hopes to pick up at least 50 advisers from Barclays’ advisory arm after the banking major closes the Barclays Financial Planning unit down, making advisers redundant.
Barclays had announced in January that it will be exiting the retail advice market and has already put about 1,000 advisers on six-month consultation.
Personal Touch will put joining advisers through an induction and training programme and will also help them find IFA employers.
The company has organized workshops for prospective members as well to show how Personal Touch can help them in their transition to an IFA firm.
Retention charges for the first three months after joining will be waived for advisers coming from Barclays, the network announced.
Personal Touch prepared the package after feedback from its regional managers showed strong demand for Barclays staff.
“When Barclays announced its advice arm was going into consultation we let advisers know we have the capacity to find them an IFA home”, said Sales and Marketing Director Dave Malle.
“It will only work if these advisers receive the right amount of training and understand there is a difference between advice and sales. Our industry is about professionalism and I question whether what has gone on at Barclays has been very professional”, said True Bearing IFA Julie Bayley.