Adviser platform Ascentric and Prudential Financial Planning will take on the M&G name as part of a re-brand.
M&G Wealth said this morning (March 31), both businesses will be branded M&G Wealth and the existing business names will no longer be used following the rebrand.
The businesses will remain separate and clients will be asked which part of M&G Wealth they want to access when visiting M&G's website.
M&G announced its new wealth management division, M&G Wealth, in September, which comprises Ascentric, Prudential Financial Planning, The Advice Partnership and the M&G Direct funds business.
This came after it acquired the Ascentric platform from Royal London in September 2020, bringing 1,500 adviser customers and 90,000 of their clients to the firm.
David Montgomery, managing director of M&G Wealth, said: “The build is on strong foundations and expertise in our platform and advice businesses. The look and feel continues the growth of our family of brands that fit together under M&G plc.
“Together we are greater than the sum of our parts – and I want that to be fully reflective in our brand and visual identity.
“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”
The company has written to advisers to make them aware of the change to Ascentric’s name, saying it recognised it was a brand their clients know and trust.
Richard Denning, chief executive of the M&G Wealth platform, said: “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.”
Prudential Financial Planning was formed in 2011 and houses employed restricted advisers. In 2019 the firm created The Advice Partnership (TAP), which consists of self-employed restricted advisers.
However last year it announced a wholesale shift in its model from employed to self-employed advisers and outlined growth plans to address the ‘financial advice gap’. It also has a low-cost hybrid advice model under development, expected to launch later this year.
Chris Haines, chief executive of 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.
“Not only have our customers to recognise, trust and become engaged to save with us, it’s got to be fully rewarding for them to do so”.