Schroders and Lloyds Banking Group have confirmed their new joint venture Financial Planning business will be called Schroders Personal Wealth and will launch in June, subject to regulatory approval.

It’s believed that the new operation could have as many as 700 advisers by the end of this year as Lloyds moves 300 existing advisers to the new business and a recruitment drive gets under way.

Schroders Personal Wealth will be available to Lloyds Bank Private Banking and Bank of Scotland Private Banking eligible customers from June and then opened to the wider UK market from the fourth quarter of 2019.

The new company will offer “Financial Planning services to affluent UK customers.”

The company says it will “combine personal relationships with an easy to use service”, enabled by Benchmark Capital’s technology, a Schroders owned company.

Details of the delivery of the Financial Planning advice and further operational details have yet to be released.

Schroders Personal Wealth will be an independent company backed by Lloyds Banking Group and Schroder.

The company says that the partnership combines 400 years of expertise from two leading British companies to “bring Financial Planning services to more people in the UK.”

James Rainbow, chief executive designate, Schroders Personal Wealth, said: “I am extremely excited to announce that Schroders Personal Wealth will launch later this year.

“The UK wealth management market is growing, and pension freedoms mean that the responsibility is shifting to the individual. This means more people than ever need help as they plan for their futures.

“We can play a role in helping address the need for financial planning with a clear and transparent service. “

He added that the backing of a major banking group and a large fund manager would give the new business the resources and muscle to make a significant impact in wealth advice.