Bristol & West is creating a new national IFA, MX Financial Solutions, through the merger of subsidiaries Moneyextra and Willis National.
The Willis brand goes following its acquisition from Abbey National and Willis Group for £40m in July as it is merged with consumer finance website Moneyextra which Bristol & West bought from the Exchange in November 2000.
The firm of 120 registered individuals, mainly ex-Willis, will offer face-to-face and telephone advice from 16 branches around the UK. The merger will cause about 20 job cuts in areas such as IT and finance but not in advice.
MX Financial Solutions will operate alongside another two new operations, MX Moneyextra, providing online financial information but not advice to consumers and MX Moneyextra Mortgages, a web and phone-based mortgage arrangement service.
MX Financial Solutions is targeting the individual and corporate markets and says it can offer a multi-channel, multi-product service and give cli-ents access to online services from MX Moneyextra.
MX managing director Mark Bogard says: “People in the UK do not spend enough time sorting out their finances. Given the fantastic deals that are now available for everybody, it really is their fault that big financial institutions continue to make billions in profits. We are committed to help everyone make the most of their money.”