The new platform is due to be launched this summer, with a client app planned for the second quarter of 2024.

London-based financial planner Schroders Personal Wealth (SPW) has launched a platform which will bring the control and oversight of client money and investments in-house.

The new platform, supported by partnerships with SEI and Benchmark, will enable the firm to offer advice and investment services to clients, the company said in a statement.

Subject to Financial Conduct Authority (FCA) approval, SPW said it will become the regulated platform operator and custodian. It will be responsible for holding and safeguarding client’s investments. In addition, SPW will become the individual savings accounts (ISA) plan manager, responsible for administrating clients’ ISA accounts.

This is different from the current model, whereby Benchmark’s Fusion Wealth platform provides the accounts in which clients' investments are held and acts as ISA plan manager and SEI Investments (Europe) acts as custodian.

SPW will retain the expertise, business process outsourcing and technology of SEI while Benchmark will continue to provide administrative services and technology for the platform, the firm said.

The new platform is due to go live this summer. SPW will also be launching an app for clients in the second quarter of this year, enabling them to view their investments on a mobile device.

“This is an exciting milestone for Schroders Personal Wealth and the first of many new developments that we’ll be looking to make, starting with the launch of our mobile app later this year,” Graham Bastin, chief technology officer at Schroders Personal Wealth, said. “Going forward, clients will only hear from one brand, instead of three, and will have an enhanced experience through better integrated technology.” 

“With SEI as a world leader and powerhouse in technology and investment solutions, and Benchmark’s award-winning Wealth Management Platform technology, we believe we have a strong partnership that will help us to deliver the next phase of growth for the business,” Bastin continued.

Schroders Personal Wealth is a joint venture between Lloyds Banking Group and Schroders.