Schroders Personal Wealth five years on: Did it change the game?

In 2019, one of the biggest brands in investment management, Schroders, announced it was teaming up with one of the biggest brands in banking, Lloyds, to bring financial planning the masses. The theory behind the advice joint venture, as I laid out in a very back-of-the-envelope diagram at the time, feels solid. One of the biggest barriers to getting any advice operation off the ground is the cost of client acquisition. Well Schroders Personal Wealth, as it became known, appeared to have found a solution for that: just use customer referrals from the sprawling empires already in p...