M&G Wealth has appointed Ignition Advice to build a hybrid advice service that will be ready to deploy by the end of 2021.
M&G Wealth said the low-cost service will be provided by a human adviser "but underpinned by technology". It will first target the company's existing customers before taking it to the wider market.
It said the "streamlined" service will reduce the time and cost it takes to deliver advice for those with smaller sums to invest.
The service will be delivered through the firm's existing advisers. M&G Wealth Management is made up of Ascentric - the platform business it acquired last September from Royal London - along with its direct funds arm and two financial advice businesses, Prudential Financial Planning and The Advice Partnership (TAP).
Ignition Advice, headquartered in Sydney, established teams in London and Edinburgh earlier this month after building a presence in Dublin in 2017.
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M&G Wealth Advice deputy CEO Richard Caldicott said: "We want as many people as possible to access advice in an efficient, understandable, convenient, affordable and sustainable way.
"There is no doubt that there is a large population of investors who would benefit greatly from financial advice but they perceive it to be inaccessible and too costly. This is at the root of the advice gap and something we are fully focused on addressing.
He added: "We want to be innovative, flexible and accelerate our delivery in all aspects of advice through first class digital experiences for our customers. Our whole focus in M&G Wealth is to enable our clients to have the best possible financial futures by building a planet friendly advice service which is accessible and inclusive for all."
