British banking group Barclays has unveiled a robo advice service called Barclays Plan & Invest, which will provide customers an investment plan that is customised to their goals.
The service will offer customers access to active and passive funds through a managed portfolio.
Customers have to complete a detailed questionnaire on their goals, finances, ISA allowances and how they respond to risk.
Along with this data, Barclays will use the latest technology and insights from its expert team to offer a personalised plan for customers following more than 10,000 investment paths.
Initially available via online banking, the service is the result of Barclays’ tie-up with Scalable Capital.
Initially, it will be available to the current account customers of the bank. The minimum investment threshold is £5,000 ($6,317).
The bank intends to make the robo-advice service develop the service over the coming months and make it available on the Barclays app eventually.
Once customers’ accounts are set-up and money has been invested, the service will charge an ongoing annual fee of 1.39-1.59%.
Service costs are 0.95%, excluding VAT, while product costs are in the range 0.25-0.45%.
Barclays CEO of Wealth Management and Investments Dirk Klee said: “Over the last few months, we’ve seen a rise in the number of people wanting to invest for the first time and it feels more important than ever that we give people the right tools and advice to plan for their financial future.
“We launched Plan & Invest after listening to our customers, who said they wanted an investment service that gave them the convenience and affordability of robo-advice, but with more of the personalisation of Wealth Management.”