The firm, which was spun-out from Prudential, has appointed Ignition Advice to develop the “low-cost hybrid digital advice offering”.
Sydney-headquartered Ignition Advice recently announced its move into the UK, creating teams in Edinburgh and London, following on from the establishment of a Dublin presence in 2017. It specialises in enabling large organisations to develop “state of the art, digital direct to customer advice solutions and experiences”.
Expected in the final quarter of 2021, the advice service will be targeted at M&G’s existing customers before being offered more widely.
Richard Caldicott, deputy chief executive of M&G Wealth Advice, said: “We want as many people as possible to access advice in an efficient, understandable, convenient, affordable and sustainable way.
“There is no doubt that there is a large population of investors who would benefit greatly from financial advice but they perceive it to be inaccessible and too costly. This is at the root of the advice gap and something we are fully focused on addressing.”
Terry Donohoe, chief executive Europe, Ignition Advice, added: “Digitally-led solutions make advice more accessible, easier to navigate and more cost effective, while still retaining the benefits of human relationships.
“Our experience in Australia and the Republic of Ireland has shown us the value of this model to consumers and the potential it has to democratise financial advice. We’re excited to bring our tried and tested tech to the UK market with M&G Wealth Advice.”