Schroders Personal Wealth, the Financial Planning joint venture launched by Schroders and Lloyds Bank, has reported a 75% increase in referrals supported by the firm’s new relationship consultants but has only published limited results for the latest quarter.

The banking firm has been tight lipped about the breakdown of results for the quarter for Schroders Personal Wealth and has so far only provided very limited results for its wealth division.

A spokesperson told Financial Planning Today that they were unable to share results for the joint venture as they do not release much information on specific business units within the group's quarterly results.

Inflows at Lloyds Banking Group’s wealth arm remained steady at £14.1bn for the quarter ending 31 March.

Inflows increased 6% year on year (Q1 2020: £13.3bn). 

In its quarterly results Lloyds Banking Group said non-banking income was 7% lower than in the first quarter of 2020 due to the impact of the Coronavirus pandemic on the retail, insurance and wealth divisions.

However, in aggregate, the banking firm’s non-banking income was up 6% from the fourth quarter of 2020 when the group took a charge in insurance and wealth for the annual basis review.

Schroders Personal Wealth reported £200m in net outflows for 2020. The drop from inflows of £12.9bn in 2019 was blamed on a drop in client referrals due to Coronavirus pandemic-related restrictions.

Schroders Personal Wealth appointed its third CEO in 12 months in September. Former Openwork chief executive Mark Duckworth replaced Peter Hetherington who stepped down recently to pursue other opportunities after just eight months in the job.