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M&G MAP: Bridging the Financial Advice Gap

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30 March 2023
Andrew Schwartz

Winner of Celent Model Wealth Manager 2023 Award for Technology Tools to Reach New Markets and Client Segments

Abstract

Celent is delighted to present M&G plc (M&G) with the 2023 Celent Model Wealth Manager Award for Technology Tools to Reach New Markets and Client Segments.

M&G has pioneered the MAP solution, a human-led, digitally supported, and streamlined advice tool designed to democratize financial advice for a broader range of clients. MAP offers a seamless digital advice journey, capturing relevant personal and financial data through tailored questions, and subsequently generating automated advice recommendations tailored to clients' needs and investment preferences.

The MAP Advice service successfully targets new markets and untapped client segments by providing quick, accessible, and cost-effective financial advice. This innovative approach caters to clients with less complex needs who may not require the full financial planning services offered by M&G's traditional face-to-face advisers. By reducing cycle times and delivering valuable advice at a more affordable price point, MAP effectively serves a wide spectrum of customers.

This case study is particularly relevant for insurers seeking to broaden their customer base through innovative technological solutions. The development of M&G's hybrid advice tool highlights the critical role that diverse teams and cross-functional collaboration play in creating effective solutions. M&G's unwavering commitment to scaling the tool and integrating it into their ecosystem to reach a wider audience, including independent financial advisers and their holistic advice partners, provides valuable insight for insurers looking to expand their reach.

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