Schroders PW undercuts SJP in IFA business grab
Schroders Personal Wealth is ramping up its plan to rival other UK-based IFA firms with a bid to undercut rivals such as St James's Place fees by as much as a half.
According to a report in The FT, Schroders' joint venture with Lloyds intends to place its up front fees at 3.65%, against the 7.95% of St James's Place, according to an internal research paper which also puts ongoing fees at 1.9%, compared to those of St James's Place and Brewin Dolphin which both sit above 2.7%.
Schroders PW has been available to existing Lloyds planning customers since June, with a release to the wider public expected in November. IT problems at the end of August, hindered the bid initially and a survey revealing concerns that technology problems were hampering advisers in supporting clients, has also been reported.
As reported, Schroders and Lloyds revealed plans for their joint wealth management venture last year, with plans to grab a slice of the mass-affluent advisory market, which is currently dominated by St James's Place.
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