In a statement, Schroders confirmed that its personal wealth business will be available to current Lloyds customers from this summer and to the wider market later in 2019. Current clients will remain with their existing personal wealth adviser.
Schroders also confirmed the service will offer ongoing advice.
All clients and advisers will migrate onto its Benchmark Fusion platform from July.
Adviser recruitment an ongoing process
Almost all staff have joined from Lloyds Banking Group, although former Schroders staffers hold a number of senior posts.
James Rainbow is chief executive of the venture, while Marcus Brookes will lead the investment offering as chief investment officer.
Around 300 of the new staff are advisers, less than half the 700 figure floated shortly after news first emerged of the joint venture.
Schroders said the initial figure of 700 advisers is not a strict number and instead the new business plans to grow over time.
Ongoing advice welcomed
Simon Bussy, director at financial services software provider Altus, said a new business backed by major brands is a “welcome shot in the arm for UK financial services”.
Bussy said: “It will improve access to advice for many people and I am delighted to see the proposition will provide an ongoing advice service; a critical part of an advice proposition that some banks have struggled with historically.”
He expects Schroders Personal Wealth would attract “quality advisers from vertically integrated firms who value the overall quality of the integrated proposition”.
The challenges for the business, like any new business, would be to ensure the vision and ambition spreads uniformly throughout the organisation, every single employee shares the same set of values and integrity and the quality of the seamless integration of the ecosystem they have designed, he said.
“It will be fascinating to hear the reviews of the business in six months time, and whether they have delivered on their undoubted potential.”
Rainbow said: “This week is a significant milestone for Schroders Personal Wealth as we welcome over 500 colleagues to the newly launched business. I am delighted with the progress we are making and pleased to report that we are on track to launch to the wider market later this year.
“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.”
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