Schroders Personal Wealth (SPW) will launch its own platform this summer, supported by renewed partnerships with SEI and Benchmark.
The move will allow SPW to offer integrated advice, investment and platform services to clients.
SPW will become the regulated platform operator and custodian, responsible for holding and safeguarding client’s investments. The firm will also become the Isa plan manager.
This differs from the current model, whereby Benchmark’s Fusion Wealth platform provides the accounts in which clients investments are held and acts as Isa plan manager, while SEI Investments acts as custodian.
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The firm said it regards the move as a “key strategic development” for the business, which will enable it to bring control and oversight of client money and investments in-house.
The launch remains subject to FCA approval and an exact date is yet to be confirmed.
SPW will also roll out an app for clients in the second quarter of this year, allowing them to view their investments on a mobile device.
Graham Bastin, chief technology at SPW, said: “This is an exciting milestone for Schroders Personal Wealth and the first of many new developments that we’ll be looking to make, starting with the launch of our mobile app later this year.
“Improving client experience was central to our decision making and we have listened to feedback from our clients and incorporated these insights whilst developing our new platform alongside our partners. Going forward, clients will only hear from one brand, instead of three, and will have an enhanced experience through better integrated technology.
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“When it came to selecting suppliers to work with us, we wanted to ensure they were as invested in delivering the best client and colleague experience as we are.
“With SEI as a world leader and powerhouse in technology and investment solutions, and Benchmark’s award-winning wealth management platform technology, we believe we have a strong partnership that will help us to deliver the next phase of growth for the business.”
