The UK will be home to one more financial planning business from June 2019, when Schroders Private Wealth opens to existing Lloyds Bank Private Banking and eligible Bank of Scotland Private Banking clients.
The joint venture between the wealth management firm and banking group will then be made available to the wider UK market from the fourth quarter of 2019.
It will offer financial planning services to affluent customers.
Responsibility shifting to individuals
James Rainbow, chief executive designate, Schroders Private Wealth, said: “The UK wealth management market is growing, and pension freedoms mean that the responsibility is shifting to the individual. This means more people than ever need help as they plan for their futures.”
He believes that the firm “can play a role in helping address the need for financial planning with a clear and transparent service”.
The joint venture was announced in October 2018. It has the ambition to become one of the top three in the UK within five years.
