The new Planning and Advice service for Barclays Premier customers aims to close the advice gap. Barclays research reveals a growing advice gap, with one in five people who have built up excess savings having no clear financial goals.

Barclays Bank has launched its Planning and Advice service, offering greater access to expert advisors and tools for people who want to make the most of what they have already built.

The new service – available to Barclays Premier customers with a minimum of £150,000 to invest ($204, 000) – will partner customers with experts who will help them to plan with more confidence and manage their wealth more effectively over time.

The service begins with a no-obligation, in-depth financial review for which customers will not have to pay upfront fees, the bank said in a statement. Customers only pay fees if they proceed with advice. Once a personalised investment plan is in place, customers will receive continuous support from a wealth manager to help them stay on track and adapt their plan as their needs evolve.

“Many people are doing the right things when it comes to saving regularly and being intentional about their finances, but [they] still feel unsure whether they are on track,” Sasha Wiggins, chief executive of Barclays Private Banking and Wealth Management, said. “That uncertainty can hold them back from making the most of their money. Our new Planning and Advice service will help more people access the expert support and tools they need, providing them with greater clarity and confidence that they are meeting their financial goals.”

Customers can manage their plan via the Wealth Hub in their Barclays App. They can also schedule online or in person check-ins with their wealth manager to discuss or make changes to their plan.

The service comes as Barclays research shows a disconnect between saving and planning among those with over £150,000 in savings. While an overwhelming majority (90 per cent) of people who have amassed this level of wealth make an active effort to save, one in five (22 per cent) have no specific financial goals.

In the absence of formal advice, people are turning to informal and unregulated sources such as online forums (25 per cent), AI tools (24 per cent) and friends and family (22 per cent) for financial guidance – highlighting a growing need for trusted, expert support.

Nearly half (45 per cent) of respondents said they would value the confidence of expert guidance, and 44 per cent believe the support of an advisor would help their money grow more than when managing it alone. Two thirds (66 per cent) said they would be more likely to achieve their financial goals with a clear, detailed plan.

Enhanced Premier benefits
Alongside this, Barclays has launched a new Premier offset mortgage at a price 0.15 per cent lower than its equivalent standard offset product, available exclusively to Premier customers. This follows the recent introduction of new exclusive Premier savings products, introduced on 27 April, featuring enhanced rates.

All Premier customers, including those not eligible for Planning and Advice, also have access to free financial guidance through Barclays Premier Financial Guides. This service offers appointments for customers to seek guidance on their mid- to long-term financial goals, financial planning and preparing for life moments such as moving home or retiring. The service has no minimum savings requirement.

To qualify for Barclays Premier Banking, customers are required to pay in a gross annual income of at least £75,000 or have at least £100,000 in savings with Barclays, in eligible investments, or a mix of both.