More than 500 Lloyds and Schroders employees have transferred over to financial planning business Schroders Personal Wealth, which is on track to launch to the wider market later this year.
In a statement, Schroders confirmed that its personal wealth business will be available to current Lloyds customers from this summer and to the wider market later in 2019. Current clients will remain with their existing personal wealth adviser.
Schroders also confirmed the service will offer ongoing advice. All clients and advisers will migrate onto its Benchmark Fusion platform from July.
Our priority is to ensure a smooth transition for our colleagues and current clients"
Schroders Personal Wealth chief executive James Rainbow described the move as a "significant milestone" for the business and expressed his "delight" with the progress the firm was making.
"Our priority is to ensure a smooth transition for our colleagues and current clients," Rainbow said. "With the support of our two shareholders, we have great momentum in this exciting project."
He added: "More people than ever need help as they plan for their futures. Schroders Personal Wealth can play a role in helping address the need for financial planning with a clear and transparent service."
Earlier this year the shareholders confirmed clients wanting access to Schroders Personal Wealth would need to have a minimum of £100,000 investable assets.
Lloyds owns 50.1% of the joint venture, with Schroders owning the other 49.9%.