What Barclays says about it’s Clients

Many of you are aware I have been a longstanding critic of Bank Financial Advisers. Not only do they typically rip you off when you make any initial investment with them…. typically charging you way over the odds, but they also offer limited investment choice and no review service which is crucial to any long term investment.

Now it seems, the banks have formulated their own view on how their clients are classified. Remember, this could be you and I.

Barclays Bank, it has emerged, refer to their clients as “Conquests”!!!

The sort of term you might associate used by an immature teenage boy who has just had his wicked way with a girl in his class, behind the bike sheds.

The source goes on to say that the Barclays staff are under intense pressure to sell stocks and shares ISAs, earning £49 for every £1,000, as opposed to just 18p if a client’s money goes into cash. He also accepts that the structured products the bank offers its customers are “rubbish” .

This philosophy goes against all the principles associated with the advice we offer as Chartered Financial Planners. We are happy to recommend whichever investment suits our clients based on their own attitude to risk. Our advisers are salaried and do not have any “sales targets”. We give the appropriate advice for each and everyone of our clients.

This information was leaked by Barclays staff so can be taken as read. It is a clear illustration that clients should be very careful if considering taking advice from a bank financial adviser.

Without doubt the best solution is to use an Independent Financial Adviser, preferably Chartered like John and I, where you will receive the correct advice and an ongoing service to ensure your investments offer the right solution for you both now and in future.