"The UK wealth management market is growing, and pension freedoms mean that the responsibility is shifting to the individual. "
The financial planning business, named Schroders Personal Wealth, will be available to Lloyds Bank Private Banking and Bank of Scotland Private Banking eligible customers from June 2019 onwards, and to the wider UK market from Q4.
The new company be independent but backed by the two firms, offering financial planning services to high net worth clients.
James Rainbow, chief executive designate of Schroders Personal Wealth, said: “I am extremely excited to announce that Schroders Personal Wealth will launch later this year.
"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. We can play a role in helping address the need for financial planning with a clear and transparent service.
"The backing of the country’s largest banking group and the number one investment brand gives us access to resources and expertise that will help us serve our customers better and make their money work harder for them.”
