Lloyds Bank is to create a new AI-enabled simplified advice service under its Lloyds Wealth brand.
The launch, set to take place before 2030, is part of the Lloyds Banking Group’s Accelerate 2030 plans which aim to unlock growth opportunities in the UK, including wealth and pensions.
A version of the InvestAI proposition is already running within the Scottish Widows app, providing investment guidance to customers with planned targeted support.
The bank announced the launch in its first half financial results today, which saw assets under management and administration for its Lloyds Wealth financial advice proposition fall 2% to £9.4bn during the second quarter.
Assets have now fallen 5% since the completion of its buy out of its Schroders’ Personal Wealth joint venture in the final quarter of last year, when assets were £9.9bn.
The joint venture between Lloyds and Schroders was created in 2019 to provide Financial Planning to Lloyds’ retail customer base. It was formerly known as Schroders Personal Wealth but has now been renamed Lloyds Wealth. It delivered operating profit of around £45m in the first half of 2025 and currently has a Trustpilot score of 4.9.
Overall assets in Lloyds’ insurance, pensions and investments division, which includes Lloyds Wealth and Scottish Widows, rose 21% year-on-year to £251bn. The division saw net inflows of £2.7bn during the half.
Charlie Nunn, group CEO of Lloyds Banking Group, said Lloyds Wealth will form a key part of its Accelerate 2030 plans to ensure it is making the most of its retail banking relationships.
He said: “Through Lloyds Wealth we will also deliver a connected end-to-end wealth offering, helping all customers build, manage and transfer wealth with an integrated lifetime proposition from execution only D2C investments to, Invest AI (a new AI enabled service to bring simple advice to all), and full-advice Financial Planning.”
The Lloyds Banking Group reported a strong first half of 2026, with profit before tax rising 23% year-on-year. The group reported restructuring costs of £34m for the first half (H1 2025: £9m) which it attributed to the acquisition of Schroders’ half of the wealth joint venture.
The insurance, pensions and investments division, which includes Lloyds Wealth and Scottish Widows, reported underlying profit of £245m for the first half of 2026, a 70% rise from the £144m reported in the first half of 2025. Excluding Lloyds Wealth, underlying profit was £189m, up 31%
Following the results, the Lloyds Board announced an interim ordinary dividend of 1.58 pence per share, a 30% rise year-on-year. It also said it plans to implement a further ordinary share buyback programme of up to £1bn, in addition to the £1.75bn programme announced in the full year 2025 results.
Existing Halifax customers will be migrated to Lloyds, with no immediate changes for customers. Account numbers and sort codes will remain the same.
Lloyds Banking Group was first founded in Birmingham in 1765. The group employs over 65,000 people in the UK including 3,000 in Halifax.