A year ago, Schroders and Lloyds Banking Group joined forces to launch Financial Planning-focused Schroders Personal Wealth (SPW) to offer wealth management to clients across the UK.
To date, over half of clients’ assets, over £10bn, has been transferred into SPW with the remainder is set to be brought over by the end of the year.
The new firm has also restructured its national adviser network.
SPW now has 11 regional hubs with access to parts of Lloyds Banking Group branches across the country.
In response to the Coronavirus crisis it has increased the volume and breadth of communications as well as expanding the choice of media it communicates with clients.
In addition to more articles and videos, it has introduced a series of webinars addressing key client concerns drawing on the knowledge of experts inside and outside SPW. Topics have ranged from finance and investments to personal interest and well-being.
A spokesperson told Financial Planning Today that unlike some firms SPW has not furloughed any staff or made any redundant due to the crisis.
SPW has also called on the government to lift restrictions carefully and continue to support businesses.
The company said: “We’re still optimistic that the demand for goods and services that has been pent up during the crisis could come back relatively quickly once we return to some form of “normal”. However, as we’ve said on a number of occasions, for economic growth and asset prices to recover in 2021, we need restrictions to be lifted carefully and in the light of solid data.
"At the same time, continued financial support from central banks (such as the Bank of England) and governments will continue to be necessary.”