Mutual provider Royal London has launched its Targeted Support ISA service to mobile app customers from today.
Earlier this month it became the first business to receive regulatory permissions to launch a Targeted Support service.
It said the new Targeted Support ISA service is designed to help customers understand how investing works and if investing is right for them.
If it is, the firm said it will provide a free investment recommendation designed to suit groups of people with similar goals and circumstances.
The mutual said the service allows customers to take manageable steps that can make a meaningful difference to their future finances. It said by encouraging positive behaviours and timely action, the service plays an important role in helping people to build financial resilience over the long term, alongside their workplace pension as they prepare for retirement.
Ben Hampton, CEO of advice at Royal London said: “Innovation should be used to genuinely improve people’s financial outcomes, not add complexity. Our Targeted Support ISA service applies behavioural principles to help people make better, more confident investing decisions, building positive habits and helping customers act with confidence.
“For many, this ISA journey will be an important step towards building long‑term financial resilience and, ultimately, a more secure retirement.”
Royal London said it has been involved from the outset in developing Targeted Support via the industry working group, government engagement and the Financial Conduct Authority’s ‘policy sprint.’ It says it has played, “a leading role shaping and delivering Targeted Support.”
Almost two-thirds of wealth management and financial advice firms (63%) do not currently plan to offer Targeted Support.