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Lloyds chief claims it will be UK's 'primary wealth adviser'
Lloyds Banking Group believes it can use Scottish Widows and its investment engine Scottish Widows Investment Partnership to build Britain's dominant wealth management offering to high net worth individuals.
As part of the changes the new chief executive Antonio Horta-Onsorio has announced following his first tough four months in the job is a commitment to build an execution-only platform.
The results of the bank’s strategic review reveal its plans to dominate advice to its ‘UK mass affluent, affluent and high-net-worth customers’ and aims to triple the number of its ‘in-proposition’ customers and increase income per customer by more than 50% by 2014.
To achieve this the bank will develop a technology platform housing Scottish Widows’ and third-party products.
The review said: ‘We will invest in new coverage models to better meet our customers’ service needs, electronic capabilities such as an improved online channel and an execution-only service, and a new investment platform incorporating Scottish Widows’ and third-party products.
‘We will also refocus our international business on UK expatriates and others with UK connections.’
Scottish Widows already has a ‘retirement analysis platform’ but has never followed in the footsteps of its life company peers and developed an investment platform.
Lloyds said: ‘We expect our Scottish Widows manufacturing platform to enable us, as a vertically-integrated provider, to provide a wide range of products to customers in an integrated manner, benefiting us in terms of both product innovation and development and in the delivery of products to our customers.’
The bank stated that bancassurance would a ‘core part’ of the proposition with a ‘compelling product range and specialised adviser teams to better address our customers’ needs’.
It will invest in ‘specialised adviser models’ for protection and investments, self-service propositions with integrated planning tools delivered in branch, online and over the phone.
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