The hub was sold by AWD Chase de Vere last week to Moneyextra.com Limited and will be led by executive director John Elder who is recruiting a management team.
Elder says Moneyextra is “a sleeping giant” and believes recent turmoil has made its role even more important but it needs to distinguish clearly its dual role as a price comparison site and wealth management tool.
He says: “The credit crunch saw around 20,000 mortgage products disappear and it is becoming increasingly difficult to obtain mortgage information.”
With a dual role of a wealth management and a price comparison site, Elder says the proposition has been confused. He says the website will be redesigned over the next three to six months to provide clearer navigation.
He is looking at a team to work with IFAs and brokers to offer them greater access to information, specialist lead-generation and trade news alerts.
He says: “We will continue with both propositions, focusing on general insurance and also life, pensions and wealth planning. This will aim to give advisers everything they need to help find the right products for their clients. We can work hand in glove.”