Schroders Personal Wealth has cut a number of roles as part of a structural change to the business as it achieves operational independence from Lloyds Banking Group.
A spokesperson confirmed the firm will be reducing the size of its workforce as part of the “next phase of our journey” after transitioning clients and their assets from Lloyds to its own platform.
A statement from SPW said: “Today we announced some structural changes within SPW. The result of these changes is that we will be reducing the size of our workforce across the business.”
But SPW did not say which areas of the business will be affected or how many roles are at risk.
SPW was launched in June 2019 as a joint venture between Schroders and Lloyds. In June, it announced former Openwork boss Mark Duckworth as its chief executive, replacing Peter Hetherington, who was in the role for less than a year.
Details
The new structure will see advisers split between servicing existing and new business. Under the current structure they cover both areas.
SPW added: “Following this successful set-up period, we are now moving forward to the next phase of our journey – to make financial advice more accessible to more people.
“To do this we are putting new processes and structures in place using a more focused team, with clearer individual responsibilities.
“This will enable us to support our existing client relationships and create an environment where we can deliver more advice to more clients, helping them achieve their goals and grow the business. We will continue to support all of our colleagues and work with them closely during this time.”
Recent changes
SPW launched its adviser academy in September and is expected to take on 20 trainees from March. It is understood this intake is unaffected by the announcement.
Earlier this month, it was announced that SPW chief commercial officer and Lloyds veteran of 30 years, David Lawrence, had left the business to become UK chief executive at Kingswood. He had spent the past two years helping to establish SPW.
In October, SPW chief marketing officer James Cardew left for Capital Group as head of marketing and client experience for Europe and Asia.
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