Schroders new Financial Planning business - which began operations this week - may recruit more than the 700 planners originally envisaged.

The company told Financial Planning Today this week that the 700 planner target announced last year  was not a final figure and the eventual number would depend on demand.

A spokesman said: “The 700 isn’t a strict figure but we will be looking to grow and train new advisers in future.”

Further developments are planned over the next 12 months and the company has hinted at a multi-platform approach with advisers engaging with clients face to face and by phone straightaway.

The company, a joint venture between Lloyds Banking Group and Schroders, this week transferred 500 staff from Lloyds to the new business as it prepares for a full launch later in the year.

In addition to the 500 the firm has begun a recruitment campaign, seeking Level 4 Financial Planners, with salaries offered of between £54,000 and £60,000.

The benefits package includes employee status, a car, medical insurance and pension.

Schroders Personal Wealth is aiming to become a “leading UK Financial Planning” business within 5 years. Some rivals are already much larger, however. St James’s Place wealth management has more than 4,000 advisers.

Planners will offer ‘holistic financial advice’ and Schroders PW says it is seeking recruits who are “like us…more motivated by customers than by targets.”

Targeted clients are “people with at least £100,000. This could be in Savings, Investments and/or Personal Pensions, and/or £100,000 sole annual income.”

James Rainbow, chief executive of Schroders Personal Wealth, said: “This week is a significant milestone for Schroders Personal Wealth as we welcome over 500 colleagues to the newly launched business.

“I am delighted with the progress we are making and pleased to report that we are on track to launch to the wider market later this year.”  

“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.”  

Current clients will keep the same Personal Wealth Adviser but will migrate onto the Benchmark Capital “Fusion” platform from July onwards.

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