The company also revealed today that it is readying a low-cost ‘hybrid advice’ set to launch later this year.

M&G Wealth has not yet revealed details of the new hybrid service but it will join a number of similar ventures by other providers and is likely to marry digital engagement with consumers with access to human financial advisers when needed. The new service is currently under development.

M&G created M&G Wealth after it acquired Ascentric in 2020. It has integrated the company with existing businesses, Prudential Financial Planning and M&G Direct. 

Prudential Financial Planning (PFP) was formed in 2011 and focuses on direct engagement with customers through an employed restricted advice salesforce. 

In 2019 PFP announced plans to launch The Advice Partnership (TAP) with a self-employed restricted advice salesforce. Last year PFP announced a shift in its model from employed to self-employed advisers.

M&G Wealth has a total of £28bn under under management and administration.

David Montgomery, managing director, M&G Wealth, said: “Under M&G Wealth we now have an identifiable and significant advice platform, direct to customer service through advisers, and a tailored digital experience.

“By integrating our platform and  advice offerings into one overall proposition, we will create greater growth opportunities, be able to provide more options, and, with our commitment to investment in technology, ultimately bring enhanced experiences”.

Richard Denning, CEO, M&G Wealth platform, said: “Ascentric started as a trail-blazing brand, committed to supporting the future of advice. Through M&G Wealth we want advisers and their clients to feel empowered to make the best decisions to grow and protect their wealth in a sustainable way.  We are wholly focused to play our part in closing the advice gap to help people reach their goals, whatever their circumstances. 

“The branding of a platform is very much secondary to the trust clients have in their adviser, but these changes reinforce the scale of commitment and ongoing investment that M&G plc has in our business”.

Chris Haines, CEO, M&G Wealth advice, said: “There is a huge, and growing, demand for financial advice. Our whole focus now is to make it as identifiable, accessible and affordable as possible and that’s why we are investing significantly in our proposition and digital capability.”

M&G plc has £367bn in assets under management and administration, 5m retail customers and more than 800 institutional clients.