The service will be offered to existing Lloyds Bank Private Banking and Bank of Scotland Private Banking customers from June and then open to the wider UK market from the fourth quarter.
It will offer a range of financial planning services to affluent customers, with the business underpinned by the technology of Benchmark Capital, the advice business owned by Schroders.
The joint venture raised eyebrows earlier this month when it was revealed that the two parent companies are looking to recruit more than 700 advisers for the new business. It is looking near-double grow Lloyds’ existing private client assets from £13 billion to £25 billion.
The two firms announced the joint venture in October 2018, with Lloyds owning 50.1% of the equity and the bank also taking a stake in Schroders-owned Cazenove Capital.
James Rainbow (pictured), chief executive designate of 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.
‘The backing of the country’s largest banking group and the number one investment brand gives us access to resources and expertise that will help us serve our customers better and make their money work harder for them.’