The launch of a £13bn wealth management joint venture between Lloyds Banking Group and Schroders has been hit by widespread tech issues.
Schroders Personal Wealth was made available to a small number of customers earlier this year and has been billed as a key part of the two FTSE 100 groups' efforts to increase growth at a time of limited opportunity.
The Financial Times reported that the human resources team at Schroders Personal Wealth had to apologise to staff after a survey revealed concerns about its platform.
We’re attempting something bold in its ambition and its timeframe. As such, there will be occasions where we have to navigate bumps in the road"
An internal note dated August 19 and seen by the FT said: "Many of you feel engaged and excited by our new company but hampered by technology and the impact that's having on how you support your clients. We recognise the problems you've faced with the new systems, and are working hard behind the scenes to put in fixes as quickly as we can."
Chief executive James Rainbow said in a note to staff: ‘We're attempting something bold in its ambition and its timeframe. As such, there will be occasions where we have to navigate bumps in the road.
The business uses platform and back-office technology from the Schroders-owned Benchmark Capital, including the Fusion Wealth investment platform.
A new digital client service portal, aligned with the full launch later this year, is also in the pipeline and Schroders said this will "further improve the client experience".
The group has announced ambitious plans to hire 700 financial planners to staff the new division as it targets £25bn in client assets, and so far has been staff primarily by Lloyds' employees.