Prudential Financial Planning proposes structural changes to meet growing need for digital and human financial planning advice

LONDON, 15 September 2020 - Prudential Financial Planning, the restricted advice business owned by M&G plc, has today informed colleagues that it plans to deliver face-to-face advice to individual retail customers solely through its self-employed advice business, The Advice Partnership (TAP), from 2021 onwards. 

M&G will also be building digitally supported, lower cost advice journeys for customers, over the next two years. In due course, this will allow M&G to extend the reach of its advice proposition to multiple thousands of customers in its existing heritage business. 

This decision comes against a backdrop of growing customer demand for advice in general and digital capability in particular.  

As a result of this proposed change, the 250 advisers employed by Prudential Financial Planning have been placed at risk of redundancy.

At the same time, 150 new self-employed opportunities are being created in TAP. In addition to the role reductions among advisers, a further number of support roles will be placed at risk, which is likely to lead to around 55 redundancies.   

This announcement is part of the delivery of the ambitious transformation agenda in M&G and in line with the company’s strategy for sustainable growth. 

Individual customers will continue to receive the advice and service they value. All TAP advisers are highly qualified, experienced practitioners who meet PFP’s stringent selection criteria.  

Since M&G launched TAP last year with 25 founding partners, it has grown to 70 advisers today. This announcement marks the next stage of its growth and it is expected that TAP will have 220 self-employed advisers by Spring 2021. 

David Macmillan, Chief Customer and Distribution Officer, M&G plc said: “There continues to be a growing demand for financial advice among UK savers, but how that advice is being accessed continues to change at pace. We have to adapt to meet those needs. By combining the best of digital innovation, with the valuable personal relationships in TAP, we are strongly positioned to deliver excellent support across the range of channels which our customers increasingly expect.”  

Macmillan added: “This move means that PFP will provide low-cost, digitally-supported advice that continues to deliver the right outcome for customers.  

“For those with more complex needs, TAP will give them access to a growing financial planning and wealth management business. Continuing to offer customers different ways to access our products, with the right level of advice, at a price that is competitive is a central component of our strategy for personal customers in the UK.”

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Media contacts

Louise Bryans

M&G Media Relations

020 8162 4592

07733 315139

Louise.bryans@mandg.com

Notes to editors

OpenAbout M&G plc

M&G plc is a leading savings and investments business which was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G, its wholly-owned international investment manager. In March 2018, Prudential plc announced its intention to demerge the company with a premium listing on the London Stock Exchange. The demerger became effective on 21 October 2019, when M&G’s shares were admitted to trading on the London Stock Exchange. As an independent company, M&G plc has a single corporate identity and continues with two customer-facing brands; Prudential for savings and insurance customers in the UK and Europe and for asset management in South Africa and M&G Investments for asset management clients globally.

You are about to enter the website of M&G Investments, a direct subsidiary of M&G plc.
Click here to proceed.

M&G plcの直接子会社であるM&G Investments（M&Gインベストメント）のウェブサイトにアクセスするには、
こちらをクリックしてください。

If you are looking for the affiliates of Prudential Financial, Inc., whose principal place of business is in the United States of America, click here to proceed.

アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.（プルデンシャル・ファイナンシャルInc.）の関連会社をお探しの場合は、こちらをクリックしてください。

If you are looking for the affiliates of Prudential plc, an international group incorporated in England and Wales, click here to proceed.

イングランド及びウェールズで設立された国際グループ企業であるPrudential plc（プルデンシャル・ピーエルシー）の関連会社をお探しの場合は、こちらをクリックしてください。

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA（健全性監督機構）及びFCA（金融行為規制機構）に認可され、それらの規制対象となっています。

M&G plc は、イングランドを登録地、及び主たる事業領域とする会社で、その関連会社は有数の貯蓄・投資機関として基盤を確立しています。M&G plcは、Prudential Assurance Company Limited（プルデンシャル・アシュアランス・カンパニー・リミテッド）の直接親会社です。なお、Prudential Assurance Company Limitedは、アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.（プルデンシャル・ファイナンシャルInc.）またはイングランド及びウェールズで設立された国際グループ企業であるPrudential plc（プルデンシャル・ピーエルシー）とは一切関係がありません。