British banking group Lloyds is set to introduce a mass-market robo-advisor service for clients next year.
Clients with assets below £100,000 will gain access to the robo-advisory service.
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Lloyds and Halifax customers can avail the new service.
Clients having more than £100,000 in investable assets will be serviced by Schroders Personal Wealth, which was unveiled earlier this year.
Available to private banking customers, Schroders Personal Wealth is a joint venture (JV) between Lloyds and Schroders.
Lloyds has a 50.1% stake in the JV, with the remainder owned by Schroders.
Lloyds group director for insurance and wealth Antonio Lorenzo said: “Having established the company in the first of half of 2019, Schroders Personal Wealth will launch to the market later this year, operating a restricted model with a wide product set.
“We believe that a best-in-class product offering, combined with transparent and competitive fees, will be attractive to customers in the growing mass affluent market.”
HNW and UHNW clients holding more than £1m in investable assets will be serviced by Cazenove Capital.
In the recent years, various firms have embraced robo-advisers.
Notably, Investec recently closed its robo-adviser Click & Invest.
UBS too offloaded its robo-advisory platform in the UK called SmartWealth after finding its near-term potential to be limited.
