UK wealth manager M&G Wealth has appointed Ignition Advice for delivery of its digital advice offering for its advisers and customers which will automate areas such as fact find, suitability report creation and online submission.
M&G Wealth is a wealth management company that provides tailored advice services and investment solutions. It has £28 billion in assets under management and is part of M&G plc which is a global investment group headquartered in London, England, and listed on the London Stock Exchange.
Expected in the last-quarter of 2021, advice will still be provided by a human adviser but underpinned by digital technology. The service will initially be targeted at the company’s existing customers before being offered more widely and will reduce the time and cost to deliver advice, allowing improved outcomes for those seeking to invest or retire with smaller sums of money.
The service will be delivered through M&G Wealth’s existing advisers and be complementary to the much wider support M&G plc provides to independent financial advisers.
Richard Caldicott, Deputy CEO, 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.
“We want to be innovative, flexible and accelerate our delivery in all aspects of advice through first class digital experiences for our customers. Our whole focus in M&G Wealth is to enable our clients to have the best possible financial futures by building a planet friendly advice service which is accessible and inclusive for all.
“After a thorough due diligence process Ignition Advice is a fantastic partner to enable us to do just that.”
Terry Donohoe, CEO Europe, Ignition, said: “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 share M&G’s commitment to delivering accessible, inclusive advice for all and we look forward to bringing our tried and tested tech to the UK market with M&G Wealth Advice.”