UK-based Barclays bank has expanded its service portfolio with the launch of a new hybrid digital wealth management service. On Tuesday, July 14, the British banking giant introduced Barclays Plan & Invest, a new digital wealth service offering financial advice meant to fill the UK’s advice gap and provide Brits with the needed support to start investing.

Specifically, the new service, which was developed in partnership with Scalable Capital, will provide customers with personalized investment plans that are tailored to their individual goals, with Barclays managing the investments later on their behalf.

According to the firm, unlike many robo-advice providers, Barclays Plan & Invest will adjust to any changes in the market and the customer’s existing circumstances. During the application, interested individuals will be asked to complete a comprehensive form centering on their individual conditions and goals. This will then be followed by a personality test relating to risk response and management.

Barclays New Digital Wealth Management Service

“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,” said Dirk Klee, CEO of Wealth Management and Investments at Barclays.

“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.”

 “I firmly believe that everyone should have access to affordable advice and Plan & Invest is just the first step in our plans to open up the tools we use with our Wealth clients to more people,” he added.

The new service will initially be available to Barclays current account customers who have at least £5,000 to invest and will be accessed through Online Banking.