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£20m promotion for &#39plan from the Pru&#39

Prudential is spending£20m to promote its “plan from the Pru”, which marks a change in strategy for the firm, diversifying from its core business of with-profits and annuities.

The return to a virtual “man from the Pru”, first revealed by Money Marketing four weeks ago, means the company is offering basic financial planning information on the internet and phone, with links to IFAs or direct advisers, backed by huge promotion activity including a TV campaign.

The life office says as well as being a tool for IFAs, the plan from the Pru could be a platform for multi-tying and second-tier advice. It says it is considering offering an equity release product.

Head of media relations James Murray says: “We are looking to see how we can plug gaps and bring new products to market. We do not intend to be a waterfront company and are always looking for new strategic partnerships. We have no definite plans but see potential for equity release if you come up with the killer product. In a depolarised world, all things become possible.”

Needanadviser.com dir-ector Jo Roberts says: “It seems very similar to the FSA&#39s website but at least the regulator knows what the rules are going to be. This is a PR exercise to promote the Pru name to consumers – and if they have a good name with consumers, advisers will want to tie with them with this as a lead generator.”

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