Wealth of Advice, Swale House, Mandale Business Park, Durham, DH1 1TH
Almost two thirds (64%) of those approaching retirement (aged 50-59) find targeted support strategies “appealing”.
This is according to Aegon’s report, ‘The Second 50: Navigating a Multi-Stage Life’, which also found 71% of those aged under 50 back the idea of targeted support.
Males are slightly more supportive, with 69% finding the idea “somewhat appealing” or “very appealing”, compared to 60% of females.
Targeted support is a key proposal of the Advice Guidance Boundary Review, under which the Financial Conduct Authority (FCA) and HM Treasury aims to bridge the gap between basic information or generic guidance and holistic advice.
Aegon proposed to the Government and regulators five core principles it considers essential for the success of targeted support:
• Focus on core consumer needs including ISAs, pensions and protection, and excluding complex or risky areas.
• Expand availability beyond manufacturers to include adviser firms and employee benefit consultants.
• Offer to help customers make the best use of existing products, as well as suggesting possible new purchases designed to deliver good outcomes.
• Offer proactively, rather than only when requested by consumers who very often don’t know what support they need and when.
• Accompany with simple disclosures to explain the service and how it compares with advice and other forms of support.
Aegon pensions director Steven Cameron said: “Targeted support is the standout proposal from the Advice Guidance Boundary Review. Our latest Second 50 report shows that the combination of ongoing challenging economic conditions, increased life expectancy and the need for individuals to manage their own finances has made regulated advice more crucial than ever and must be encouraged to thrive.
“We hope that the FCA and the Government will continue to prioritise closing the advice gap, with a strong focus on those in their Second 50 approaching and moving into retirement. An industry capable of genuinely supporting millions of savers and investors in enhancing their personal finances will benefit not only those individuals but the entire UK economy.”
If you want a better view of what your future could be, we'll have a chat over a cup of coffee in our Durham office and work out if we can add any value to your financial picture.
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