Schroders Personal Wealth looks to undercut rivals with low fees - reports

Planning to charge less than half the fees of SJP

Schroders Personal Wealth (SPW) is set to start a price war with wealth management rivals such as St. James’s Place, pledging to charge clients less than half the price of their biggest rivals, according to reports.

The new aggressive pricing strategy comes as the wealth management joint venture between Schroders and Lloyds Banking Group looks to challenge the big names in the UK financial advice market. According to the Financial Times, the move will put particular pressure on FTSE 100 rival St. James's Place, the UK's largest wealth manager, which has already been criticised for its high fees. The FT has seen internal research from SPW showing that customers will be expected to pay around 3.65% of their total investment in the first year, compared to SJP's 7.95% annual cost and a fee of 4.7% fr...