The new service will deliver advice face-to-face, on the phone and through digital services, the firm said this morning.
The Edinburgh-based firm, an IFP corporate member, also announced it has entered into an agreement with Skipton Building Society to purchase Pearson Jones, which is anticipated to bring assets under advice of £1.1bn.
And in a third announcement, the company also said it will create a new academy to recruit and train people for a career in financial advice.
The company said the amount of advice available fails to meet the new demands created by the Budget changes to retirement income.
Bosses said the reforms would spawn a "generation of individuals that will see advice as an essential service".

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The new advice business will tie in with Standard Life's existing workplace and direct services by providing a "natural next step for customers with needs that can no longer entirely be met through self-service or guidance".
Steve Murray will lead the business in his role as chief executive.
Barry O'Dwyer, Standard Life managing director, said: "As a leading long-term savings business in the UK, this is an exciting next step for Standard Life. We already help millions of customers to save through the workplace and are a leading provider to the highest quality firms in the advice sector. Supporting advice has been a key part of our heritage since we were founded in 1825."
Pearson Jones has served customers in the North of England for more than 40 years and has 39 advisers and Paraplanners in a team of 102 employees.
Mr O'Dwyer said: "We're delighted Pearson Jones will be part of our new business. They have a single-minded focus on helping clients and are an excellent example of a progressive firm with an RDR-compliant, platform-based advisory proposition. We look forward to working with the team to support the growth of our new business."
Tim Johnson, Pearson Jones managing director, said: "Pearson Jones' management and staff are excited to be joining Standard Life to help build a 'best-in-class', nationwide financial advice business. Standard Life's focus on enhancing client service and improving the career prospects of our staff makes this a very good step in our 40-year history."
The transaction is expected to complete in Q2 2015 "subject to conditions being satisfied, including receipt of regulatory approvals".