The company aims to triple its number of customers and increase income per customer by 50 per cent over the next three years.
The wealth management business includes the Lloyds TSB Private Banking and Bank of Scotland Private Banking.
In the Group’s strategic review, which was published yesterday, the company outlined its future plans.
It said: “Our goal is to be the primary wealth adviser to our UK mass affluent, affluent and high net worth customers, with a goal to more than triple the number of in-proposition customers and to increase income per customer by more than 50 per cent by 2014.”
To deliver these outcomes, the company intends to offer a new investment platform incorporating Scottish Widows’ and third party products.
However, it said it was not looking to hire any new UK advisers.
Phillip Grant, managing director of UK wealth at Lloyds Banking Group, said: “This is about growth and investing to unleash our potential in the wealth segment. We will invest in the right propositions and infrastructure to ensure these customers’ high expectations are met.”
The news comes at the same time as HSBC announces 400 adviser jobs will be cut from its retail banking and wealth management divisions due to the expected impact of the RDR.
HSBC expects the RDR to “fundamentally alter the way that all financial organisations provide and charge for advice”, reducing the need for staff advisers.
However, the firm acknowledged wealth management was still a key part of HSBC’s business strategy and said it would be creating 50 new senior Financial Planning adviser roles.