Schroders Lloyds advice venture restricted to Fusion Wealth platform

The joint advice venture between asset manager Schroders and Lloyds Banking Group will exclusively use the Fusion Wealth platform, the firm has revealed.

Lloyds and Schroders recently announced they were joining forces to form a new financial planning business, including taking on around £13bn of Lloyds clients’ assets that were previously held in a  mandate with Standard Life Aberdeen. Schroders will transfer £400m from its UK wealth management business.

Schroders bought a 65 per cent stake in Benchmark Capital, the parent company of Fusion Wealth, IFA Aspect 8 and network Best Practice, in 2017.

In May 2018 Schroders increased its stake to 77 per cent.

Today Benchmark Capital has confirmed it will be providing the platform technology for the joint advice venture with Lloyds.

Fusion Wealth uses SEI Wealth Platform technology and said today it will continue to do so until at least 2025.

Benchmark Capital chief executive Ian Cooke says: “All of the Lloyds customers will be given the digital capabilities. It also makes it more efficient for advisers give them better digital experience.”

Cooke confirmed that the advisers in the future joint venture would be restricted to the platform, while the joint venture will decide on restriction by product.

Cooke says: “The nature of their own restriction is up to [Schroders and Lloyds] but it will definitely be restricted.”

Cooke also confirmed existing advisers in the Best Practice network and Aspect 8 advice firm will not be migrated into the joint venture automatically.

He says: “Schroders is major stakeholder at Benchmark, but that does not impact on the running of the other firms, they are quite distinct. Each firm covers a certain segment of a client base.

“[Schroders partner discretionary fund manager] Cazenove typically deals with high-net-worth customers, Best Practice deals with the IFAs with their firms, Aspect 8 has its businesses, which is an IFA, Schroders and Lloyds have their venture, that looks after banking customers, so every company is quite distinct at what it does, so there is not a great deal of overlap.”


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