Schroders and Lloyds are set to bring a new financial planning business to the market named Schroders Personal Wealth as part of their wealth management joint venture.
Schroders Personal Wealth is expected to launch in the second half of the year subject to regulatory approval.
The new business will offer its services to existing Lloyds Private Banking and Bank of Scotland Private Banking eligible customers from June 2019 and will open to the wider UK market in Q4.
It will offer financial planning services to wealth UK customers, with its service underpinned by Benchmark Capital's technology to facilitate ease of use.
The new venture will be an independent company backed by Schroders and Lloyds Banking Group.
James Rainbow, 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."
Earlier this month, Schroders and Lloyds revealed plans to grow assets in their joint venture from around £13bn to £25bn, equivalent to annual growth of around 14%.