Some Barclays' advisers are delaying applications for clients as they attempt to poach business from the bank and set up their own IFA firms, an adviser claims.
The bank confirmed last month it will close its financial advice arm due to declining returns, and vowed it would pass clients to IFAs. However, IFAs are already seeing evidence of Barclays' advisers delaying client deals in order to save the business for themselves post-redundancy. Stephen Ng, IFA at Create Wealth Management, says: "One of our advisers has stumbled on a soon-to-be-made-redundant Barclays financial planner who has asked his bank client if they would 'hang on' a few weeks before making a £1m investment into a single premium Prudential contract he had already recommen...
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