Steve Gazzard said the new company, WealthHorizon, to be launched by IFP Board Director Chris Williams, would "address the issue head on".
Mr Williams, former chief executive of Ashcourt Rowan Financial Planning, today announced his intention to launch the new online consumer advisory business.
Mr Gazzard said: "There is a lot of talk about a growing advice gap, but very little talk about how the industry intends to bridge it.
"What WealthHorizon are proposing will address the issue head on and, if the company does deliver on what it is saying, then it could change the face of the consumer advice market for the better.
"These are still early days, but it will be interesting to see how things develop."

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Chris Williams, chief executive of WealthHorizon, said: "We can see part of the population in the UK is being left in the financial shadows and are not being served appropriately by the industry. This has to change. We feel there is a real gap in the market for consumer services which have the advantages of both online and human interaction.
"The Retail Distribution Review has left a gap in the advice market and many people have been left without access to advice.
"Our proposition has been built around the importance of making advice more accessible and affordable to those who feel alienated because they are unwilling or unable to pay high fees associated with traditional advice."
Mr Williams said WealthHorizon will allow clients to invest simply, while also giving them the option to speak to an adviser depending on the level of interaction required by each client.
Telephone advisers will be used but will refer consumers to traditional planning firms for more complex advice, such as estate planning, inheritance tax and tax efficient savings and investments.
The service will be powered by Parmenion, the specialist investment platform.
WealthHorizon will launch this summer.