Schroders Personal Wealth is set to cut jobs amid a structural shake-up at the relatively new-entrant advice business.
The company, born from a joint venture between Schroders and Lloyds, told FTAdviser it had announced structural changes today (December 10) which would see some roles cut from its workforce.
A spokesperson said: “Since launch in June 2019, we have safely transitioned clients and their assets over from Lloyds Banking Group to our new platform and have achieved operational independence from our parent companies.
“Following this successful set-up period, we are now moving forward to the next phase of our journey – to make financial advice more accessible to more people.
“To do this we are putting new processes and structures in place using a more focused team, with clearer individual responsibilities.”
Schroders Personal Wealth said the changes would “create an environment where it can deliver more advice to more clients”.
The spokesperson added: “We will continue to support all of our colleagues and work with them closely during this time.”
Earlier this year the company hired former Openwork boss Mark Duckworth as its chief executive to replace Peter Hetherington, who left the the business in June after just eight months at its helm.
The advice joint venture has pursued a rapid expansion plan since its launch to the market in 2019, having already establishing 11 regional hubs this year.
Schroders Personal Wealth has been vocal about its ambitions to become one of the top three advice firms in the UK within the next five years.
In September it launched the first of its adviser academies in London as part of its plans to expand its business and “repopulate the wealth advice sector”.
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