SchrodersJun 5 2019

Schroders and Lloyds adviser takes on 500 staff

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Schroders and Lloyds adviser takes on 500 staff
ByRachel Mortimer

Schroders has confirmed its financial planning business is now up and running, with existing Lloyds clients expected to migrate onto the new platform next month. 

This week more than 500 employees transferred to Schroders Personal Wealth, with the service expected to be made available to the wider market later this year. 

The joint venture between Lloyds and Schroders, owned 50.1 per cent by the former and 49.9 per cent by the latter, will be available to current customers from the summer and will see clients keep the same adviser. 

Earlier this year the shareholders confirmed clients wanting access to Schroders Personal Wealth would need to have a minimum of £100,000 investable assets

James Rainbow, chief executive of Schroders Personal Wealth and a former head of intermediary at Schroders, said the transfer of 500 employees to the joint venture was a "significant milestone".

He said: "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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