The Schroders and Lloyds Bank joint venture has suffered tech problems, leading some staff of the £13bn wealth management service to complain to human resources.
A survey of staff revealed concerns that technology problems were affecting their ability to support clients.
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An internal note was subsequently circulated addressing these concerns and stating that work was being done to fix the problems, the FT has reported.
Schroders Personal Wealth, as it is known, uses technology provided by Benchmark Capital, a technology company and funds platform owned by Schroders since 2016.
The joint venture was first announced last October and commenced its rollout to existing Lloyds and Bank of Scotland private banking clients in June.
The unit is largely numbered by previous Lloyds staff members, around 300 advisers having joined from the UK bank, with plans to recruit a further 700 as the venture gathers speed.
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By GlobalDataSchroders Personal Wealth is planning to nearly double its assets under management to £25bn, as it attempts to carve out a share of the advisory market largely dominated by St James’s Place at present.
The platform seeks to harness the 21-million-sized client base that Lloyds provides with Schroders existing expertise in the field.
Lloyds moved away from the advisory market in 2012, as the increased post-financial crisis regulatory pressures took their toll.
The reputation of major retail banks in this industry is not entirely rebuilt, hence why the joint venture bears Schroders’ name and not Lloyds’ despite the latter owning a 50.1% stake in the business.
