Tom Bischler: Leading the next chapter of M&G Platform

As we enter into a new chapter I want to take this opportunity to introduce our CEO, Tom Bischler. And to share more about the experiences that have shaped his leadership, his views on the themes influencing our industry, and his priorities for the future of M&G Platform.

Many of us in financial services start our career with a company expecting it to be a kind of stopgap. If we’re lucky, we find a place we connect with early on, and where we can seize opportunities to progress.

This was certainly the case for Tom when he joined M&G in late 2011, expecting to stay there for a couple of years. Now, almost 15 years later he’s worked through the ranks across Asset Management, Wealth and Platform, taking the helm as M&G Platform CEO in April this year. 

A foundation for leadership

From working with Tom, it is clear that his early grounding in finance, combined with experience of leading people, continues to shape his approach today.

After completing an accounting and finance degree, Tom secured a place on the graduate scheme at accounting and business advisory firm BDO in Essex. He worked with organisations within and beyond financial services, including on FSA audits and capital requirements, gaining early exposure to both operational detail and senior decision-making.

That experience shaped a principle that remains central to his leadership:

“finance and the numbers drive the strategy”.

“The technical grounding matters, but so do the people skills. You need to be able to understand what is happening on the ground, ask the right questions and then explain the implications clearly at management and board level.”

“That combination of technical discipline, curiosity and communication has been fundamental throughout my career.”

Leading through change at M&G

Tom joined M&G Investments in Chelmsford as an accountant, later becoming a team manager and then leading the financial reporting team.

He went on to play significant roles in some of M&G’s largest transformation programmes: the merger of Prudential’s UK and European business with M&G Investments, the subsequent demerger of M&G plc and M&G Investments’ Brexit response.

“Each of those periods brought its own challenges and lessons. With Brexit, for example, we had to migrate billions of pounds from the UK to Luxembourg. It was complex, highly regulated work where disciplined execution really mattered.”

“I quite enjoy the ‘getting to solutions’ aspect. It all comes back to the people you’re working with. You just learn, and you see the resilience.”

And the change didn’t stop coming, including Covid, with the first lockdown coinciding with Tom’s paternity leave.

“it was a very weird time to be a parent.”

It was also during Covid in 2020 that Tom got the call that M&G had bought the Ascentric platform from Royal London, and was asked to become our Chief Financial Officer.

Listening to Tom describe this period, it's clear that the move to the M&G Platform was a defining moment in his career.

“I ended up falling in love with platforms… The remit was to integrate the [platform] business, and I know the M&G systems inside out. With platform and investment, I could see the cogs from both sides, and how they could work.”

Perspectives on the industry

Alongside Tom's leadership journey, I was keen to hear his perspective on the issues shaping financial services and what they mean for platforms, advisers and customers.

AI and the platform industry

Tom sees significant opportunities for AI across the platform industry, particularly in areas such as contact, workflow efficiency and data quality.

He believes the impact on financial advice will be more nuanced. We are currently at what he describes as a “cross-checking stage”, with some consumers using AI tools to explore financial questions before seeking an adviser’s professional judgement.

While recognising that confidence in AI varies, Tom sees a clear opportunity to improve productivity and make processes simpler, while maintaining appropriate oversight.

Platforms and public policy

Tom also has a clear perspective on public policy and the role platforms play in turning policy decisions into practical change for advisers and customers.

While supportive of the government’s ambition to encourage more people to invest, he believes proposed changes must be assessed carefully for their customer benefit and operational impact, including changes to ISA rules.

“These are big system changes. It’s just a balance as to whether this will have the desired outcomes, or whether it adds loads of operational complexity for limited benefit, that could then be reversed a year later.

“We need to make sure, through organisations like the Platforms Association, that [the government] understands that seemingly little changes up there can be big changes down here.”

The next chapter for M&G Platform

As the platform looks to the future there is an opportunity to build deeper relationships with advice firms. Helping to shape the proposition around adviser needs while supporting growth on both sides.

Following our announcement in June, SS&C has taken on the management of platform operations for M&G Platform, while M&G retains responsibility for strategy, regulatory and commercial decisions.

Tom sees the new operating model as a reset opportunity, allowing SS&C and M&G to focus on their respective strengths while creating a stronger foundation for delivery.

“For advisers and customers, it is the same system and the same log-in, with no migration. We designed the transition to provide continuity while creating the capacity to move the platform forward.”

“We also have the wider strength of M&G. Our broad proposition, [platform] heritage and the backing of a major life and investment business give us the opportunity to build something distinctive for advisers and their clients.”

“We are investing in a roadmap, and the focus is very much a forward-looking one.

The platform is back!”

For Tom, the next chapter is about turning those strengths into consistent outcomes for advisers, customers and M&G Platform.