Schroders Personal Wealth (SPW) has pushed back its ambition to be a ‘top three’ UK financial planning business by two years due to the impact of the pandemic.

SPW was formed in 2019 via a joint venture between Schroders and Lloyds. Lloyds said in its annual report, released today (24 February) that while the pandemic had cause “some delays” its overall ambition for the business remained unchanged. It now hoped to achieve this ‘top three’ goal by 2025.

“Beyond 2021, [Lloyds] expects to increase the number of priority customers with existing needs met by both retail and insurance and wealth and to achieve �...