Lloyds Banking Group has postponed its ambition for Schroders Personal Wealth (SPW) to become a top three financial planning business by two years as a result of the coronavirus.
In its 2020 results published today (February 24) the group said SPW still aimed to become one of the top three financial planning businesses, although this was now expected by 2025.
Lloyds had previously set a target of 2023.
A spokesperson for the group said: “While the impact of the coronavirus pandemic has had an impact on our plans, we have still made great progress.
“Since launching the business in June 2019, we have transferred 38,000 clients to Schroders Personal Wealth.
“The business has built new processes and structures in order to deliver advice to more clients, and we have been increasing referrals, helping our customers achieve their financial goals.”
The group’s annual report for 2020 also revealed it had paid £7m in fees to the SPW joint venture during the year, up from £2m in 2019.
SPW is a joint venture between Lloyds Banking Group and Schroders to help more people benefit from financial advice.
In September SPW launched the first of its adviser academies in the capital as part of its plans to expand its business and "repopulate the wealth advice sector".
Today Lloyds also confirmed Charlie Nunn’s appointment as group chief executive and executive director with effect from August 16, subject to regulatory approval. The group previously announced Nunn’s appointment in November.
Its current executive director and group chief executive, António Horta-Osório, will be stepping down on April 30.
William Chalmers, group chief financial officer, is expected to assume the role of acting group chief executive until Nunn’s arrival.
Lloyds' statutory profit before tax has fallen by 72 per cent to £1.2bn in 2020.
Horta-Osório said the pandemic had affected the group’s financial performance, but added: “We are now seeing positive developments in the business, including growth of £10.2bn in the open mortgage book in the second half of the year and total deposits up £39bn in the year.”
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