M&G Wealth hybrid service aims to fill ‘advice gap’
Richard Caldicott: advice gap
M&G Wealth is developing a “hybrid” advice service that will see human interaction underpinned by digital technology to help fill what it sees as an advice gap.
The firm has agreed a deal with Ignition Advice to reduce the time and cost taken by those seeking to invest or retire with smaller sums of money.
Expected in the last-quarter of 2021, the hybrid service will be targeted at the company’s existing customers before being offered more widely.
It will be delivered through M&G Wealth’s advisers and will be complementary to the wider support M&G provides to independent financial advisers.
Sydney-headquartered Ignition Advice has just announced its move into the UK, with teams in Edinburgh and London, following an opening in Dublin.
It specialises in enabling large organisations to develop digital direct-to-customer advice solutions and experiences.
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.”