Schroders sets date for financial planning clients’ move to new platform

Schroders has confirmed that all existing Lloyds financial advice clients will transition to the Fusion platform from next month onwards, as its planning joint venture with the bank has officially launched.

Yesterday, 500 staff formally transferred to Schroders Personal Wealth.

The new planning business will be available to current Lloyds advice customers from the summer, and the wider market later in the year.

While current clients will keep the same adviser and receive ongoing advice, the transition to a new technology system and platform, Fusion, will begin next month.

Fusion is owned by Benchmark Capital, in which Schroders holds a significant shareholding.

Schroders-Lloyds tie-up: The full rundown of how it will work

Schroders Personal Wealth chief executive James Rainbow says: “Our first priority is to ensure a smooth transition for our colleagues and current clients. With the support of our two shareholders, we have great momentum in this exciting project.

“More people than ever need help as they plan for their futures. Schroders Personal Wealth can play a role in helping address the need for financial planning with a clear and transparent service.”

Schroders head of multi-manager Marcus Brookes has been appointed as the new firm’s chief investment officer.

“Clients will benefit from Schroders’ investment expertise,” the firm says, as Brookes helps “evolve” the joint venture’s investment offering.

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