Another illustration of the fickle nature of big corporates, yes, but one which affects many a client and adviser. M&G was the rebrand of the Pru, whose management’s latest Big Idea, some three years ago, was to recruit lots of advisers and buy a ‘platform’ to administer all the investments they’d be selling. Well, it seems they either aren’t selling enough or, equally likely, independent advisers who were previously using the platform (Ascentric, which has had a few owners) have recommended that their clients move elsewhere. M&G/Pru are by no means the first to pretty quickly U-turn on a strategy but what I always find astonishing is the amount of money involved and written off. £86m to buy the platform, and, from a previous restructure, £110m to make all the Men from the Pru redundant some 20 or more years ago. How glad I am to be independent and small.
“Majority of IFAs have no plans to use AI in their practices”
I remember sometime in the 90’s, attending a presentation by a successful adviser providing helpful hints to an audience of wannabes, young and old.
