- Schroders Personal Wealth (SPW) is set to launch a new investment platform in the summer of 2024, marking a departure from its current business model.
- SPW, founded in 2019 through a joint venture between Lloyds Banking Group and Schroders, offers wealth management services such as retirement planning and financial advice.
- The upcoming investment platform is described as a “key strategic development,” aiming to bring management and supervision of client funds in-house.
- Pending approval from the Financial Conduct Authority (FCA), SPW intends to become the platform’s regulated operator, custodian, and ISA plan manager to take responsibility for client asset safeguarding and ISA account issuance.
- This move signifies a departure from SPW’s current reliance on the Fusion Wealth platform and SEI Investments as custodians for accounts and ISA plan management.
- Despite the shift, SPW plans to maintain working relationships with Fusion Wealth and SEI, utilizing their expertise and technology.
- Graham Bastin, CFO at SPW, highlights the goal of enhancing customer experience by consolidating communication under one brand and improving integration through technology.
- This announcement is the first of “many new developments,” and SPW is expected to launch a client mobile app in Q2 2024.
