Almost two-thirds of wealth management and financial advice firms (63%) do not currently plan to offer Targeted Support.
There’s a similar sentiment towards Simplified Advice services, with almost half of firms (45%) currently having no intention of offering them.
The figures have been published by the Personal Investment Management & Financial Advice Association (PIMFA) as part of its Regulatory Insights Tracker, its regular survey of member firms.
Four in ten wealth managers (40%) agreed that Targeted Support will play a significant role in helping retail investors make better financial decisions, while nearly a third (31%) agreed that the regime will set savers and investors on a pathway towards holistic financial advice.
When it comes to Simplified Advice, more than a third (36%) of firms said they were awaiting further details on how the regime will operate before deciding whether to offer it, which have been published since the survey was conducted.
The findings also showed tentative signs that the regulatory burden is easing. While more than three-quarters (78%) of firms reported that regulatory change is diverting time and resources away from other priorities to a moderate or large extent, that is down from 85% six months ago.
Notably, the proportion of firms reporting a significant increase in compliance costs has fallen sharply from 31% to 13%.
David Ostojitsch, director of government relations and policy at PIMFA, said: “For many, regulatory change is beginning to consume fewer resources, which recognises the work of the regulator and other bodies in reducing this burden.”
He said the findings on Targeted Support reflects PIMFA’s engagement with firms and the regulator. “While uptake may be limited in our sector, there is clear support for measures that help close the advice gap and improve consumer outcomes. Simplified Advice is therefore likely to be more relevant for many firms alongside holistic advice, as the results show.”
He said that with Simplified Advice proposals now published, focus will turn to building understanding with firms and the regulator to assess how effectively they can support client outcomes and enable firms to grow.
• The findings were drawn from PIMFA's latest Regulatory Insights Tracker. Data was collected from February to March 2026 from 56 member firms, including wealth managers, financial advisers and Financial Planners.