Schroders Personal Wealth (SPW) has confirmed it plans to reduce the size of its workforce, due to “structural changes”.

A spokesperson said that following a successful set-up period, the firm was “now moving forward to the next phase…to make financial advice more accessible to more people”.

“To do this we are putting new processes and structures in place using a more focused team, with clearer individual responsibilities.”

SPW launched in 2019 and is a joint venture between Lloyds and Schroders...