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Lloyds to push further into wealth management

Antonio-Horta-Osorio-700x450.jpgLloyds Banking Group is to expand its range of pensions and investments and plans to roll them out to more customers as part of the bank’s three-year growth plan.

The Financial Times reports Lloyds wants to push into the wealth management sector as part of a strategic plan to be set out by chief executive Antonio Horta-Osorio next year.

One source told the newspaper Lloyds will focus on building its bancassurance offering to drive growth.

Lloyds currently has almost a quarter of the UK current account market but just 2 per cent of the wealth management market.

Scottish Widows pensions and investment director Mario Mazzocchi says: “Lloyds is in a unique position to offer financial planning, retirement and long-term savings solutions to retail customers and we expect demand for these products to grow, driven by a number of factors, including the introduction of pension freedoms, auto-enrolment and a shift from defined benefit to defined contribution pension schemes to name a few.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Geoffrey Hartnell 14th August 2017 at 9:21 am

    There are insufficient numbers of qualified advisers available in the market place to satisfy a national banking arm’s growth requirements.
    Delivering quality affordable advice to mass markets would be a challenge too far for to an organisation which has continually been caught up in miss-selling scandals.
    If they concentrate on their HNW clients they have the resources to succeed…..but the costs to clients would need to be excessive as banks operate on profit margins that Financial Advisers can only dream of.

    • I have to agree when I saw the headline I thought hang on did they make a lot of advisers redundant with majority going to SJP What going to do offer there jobs back? Second question can Lloyds define what they mean by financial planning? Will this be follow the CFP standard

      • Remember a while ago it was suggested that there could be a way of rolling out advice without the full qualification, on a supervised basis maybe?…. well watch this space guys, the banks are back!!

  2. They must launch an investment platform. If there are not enough advisers then how about robo-advice?

  3. Lloyds group can’t even handle basic admin right (IMHO) & instead of solving problems/ mistakes they have made treat them as a product with a process & timescale called a “complaint” which can take weeks to come to a decision while in the meantime the simple bank transfer goes to the end of the complaint when it could have been resolved the same day by an old style bank manager with some personal discretion & common sense.

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