Lloyds Bank has confirmed it will launch a new financial planning proposition for wealthy clients as part of its wealth and investment tie-up with Schroders.
Money Marketing understands this is part of the bank’s focus on wider advice plans reported by the Financial Times last week.
The bank will reportedly hire around 700 new advisers by the end of 2019.
The plans for an advice offering for high net worth clients with Schroders were initially discussed last October.
Lloyds and Schroders will establish a separate financial planning joint venture company under a new name.
Lloyds says: “The joint venture will address the growing gap in the advice market through a personalised, advice-led proposition, backed by world-class investment expertise and best in class technology.”
A number of specialist advice propositions for high net worth clients have cropped up in the last year.
Discretionary manager and financial planner Brewin Dolphin now has a fledging London office of 27 staff for wealthy clients while Tilney began recruitment for a team of specialist wealth managers to support the ultra-high net worth last October.
Spanish bank Santander also caters specifically for customers with savings of over £500,000 or annual incomes of more than £250,000 in its advice service.