Wealth manager Quilter has confirmed it has received permission from the FCA to deliver Targeted Support to customers.
The permissions were granted yesterday (7 April), and Quilter is now developing its Targeted Support offering via Quilter Invest, an investment platform designed to support clients in the earlier stages of their investment journey.
Quilter Invest also provides advisers with a proposition for clients who may not be ready for full financial advice.
Targeted Support is a new kind of group financial help whereby firms with permissions can provide tailored recommendations to consumers based on what other customers like them should be doing. The aim is to help close the so-called ‘advice gap’ in the UK and help more people make better financial decisions without having to pay for full advice.
Steven Levin, chief executive at Quilter, said: “Targeted Support has the potential to shift the dial for consumers who sit outside the reach of full advice. We are pleased to have received the necessary permissions to offer this service, and now look forward to developing our offering to ensure people are not left to face important financial decisions on their own.
“Deciding whether and how to invest can be a daunting experience for people, leading to a dangerous inertia. We want to offer a simple and accessible way to get started, either on your own or through an adviser, empowering people to take action and move forward with greater confidence.
“Furthermore, we see Targeted Support as a crucial bridge to financial advice as customers’ needs evolve over time. Having that flexibility to enable that transition ensures we can support them through every stage of their financial lives.”
