Schroders has entered the financial planning market as part of its new tie up with Lloyds.
During the second half of they year, and subject to regulatory approval, the pair plan to launch Schroders Personal Wealth.
The service will start off as only available to current Lloyds Bank Private Banking and Bank of Scotland Private Banking eligible customers from June onwards, before being rolled out to the wider UK market from the fourth quarter of 2019.
Schroders Personal Wealth will be targeting affluent UK customers as reported yesterday by Money Marketing.
The planning business looks set to offer face-to-face advice, and will “combine personal relationships” with services provided by platform and technology provider Benchmark Capital, according to a statement this morning.
Schroders holds a majority stake in Benchmark Capital. The statement from Schroders this morning did not note whether the planning arm would be restricted or independent, but Money Marketing has previously reported that the joint venture will only use the Fusion Wealth platform run by Benchmark.
Schroders Personal Wealth as a company will be set up independently of both Lloyds and Schroders, the release notes.
Schroders Personal Wealth chief executive designate James Rainbow says: “The UK wealth management market is growing, and pension freedoms mean that the responsibility is shifting to the individual. This means more people than ever need help as they plan for their futures. We can play a role in helping address the need for financial planning with a clear and transparent service.
“The backing of the country’s largest banking group and the number one investment brand gives us access to resources and expertise that will help us serve our customers better and make their money work harder for them.”