There is significant demand for advisers from regulated firms to provide targeted support suggestions to their clients, research from Aegon has found.

Its report, The Second 50: Navigated a Multi-Stage Life, revealed that nearly two-thirds (64 per cent) of people aged between 50 and 59 would be interested in receiving targeted support, with 23 per cent saying it was ‘very appealing’.

Demand was even stronger amongst younger generations, with 71 per cent keen to receive targeted support and 29 per cent describing it as very appealing.

However, those aged 60 and older were less attracted to targeted support, although the majority (56 per cent) still found it appealing.

These findings come as the government and Financial Conduct Authority (FCA) are consulting on proposals for regulated firms to provide targeted support, which would offer ‘people like you’ suggestions based on limited information about the individual and their financial situation, as part of the Advice/Guidance Boundary Review.

Aegon’s analysis also found differences in opinion between genders, with 69 per cent of men finding the idea appealing compared to 60 per cent of women.

Earlier this year, Aegon submitted five ‘core principles’ to the government and regulators that it considered essential to the success of targeted support.

These were: 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; and accompany with simple disclosures to explain the service and how it compares with advice and other forms of support.

Commenting on the findings, 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.

“However, millions find themselves caught between the ‘rock’ of comprehensive financial advice which can seem expensive, and the ‘hard place’ of unengaging generic information.

"Our research highlights a clear demand for more personalised financial guidance, with 64 per cent of individuals citing they would find the concept of targeted support appealing. Within this, it's essential that our industry can offer a range of tailored support solutions that reflect the different financial situations of individuals as they approach retirement.

“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.”

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