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Lloyds plans 700-strong adviser recruitment drive

Lloyds will reportedly look to hire 700 financial advisers as part of its wealth and investment tie-up with Schroders.

The Financial Times reports the bank’s internal documents show an initial 300 advisers will come on board for the joint venture later this year, with more set to join in due course.

There are also plans to increase assets under management from £13bn to £25bn as part of a wealth management push.

Should 700 advisers join Lloyds, the bank will become one of the largest advice providers in the UK.

Lloyds and Schroders announced they would join forces and launch a financial planning proposition for wealthy clients last October.

At the time, that was expected to launch at the start of 2019 and help Lloyds develop further planning and retirement business.

The firms’ goal to become one of the top three financial planning firms in the UK has seen Lloyds continue to mull plans for robo-advice, while Schroders has taken stakes in a number of advice business and platforms.

Will Lloyds and Schroders’ march on the advice market work?

These include Benchmark Capital and Nutmeg, which also launched its own flat-fee advice service in November.

The reports of Lloyds’ plans for advice expansion follow figures from November which show the bank has halved its staff count in the last ten years.

The bank announced cuts of 6,000 more staff at the end of 2018 in a bid to boost its digitisation.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Were are these advisers going to come from? It’s not as if they are just sitting around looking for work.

    It will be very interesting to see the remuneration package they will be offering to gain what is most likely around 3% of the markets advisers.

  2. This will put financial advice back 30 years what an earth is the regulator thinking about. Just as professional advisers were just regaining the public’s trust, they are allowing bankassurers to dominate the advice sector yet again. You really can’t make this up. Looks like a hike in my FOS Levy.

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