The Financial Conduct Authority's (FCA) proposed targeted support regime is a "positive step" towards closing the planning and advice gap, amid the rise of "unregulated finfluencers", according to a survey by Nucleus.

The firm's Voice of the Advisor survey revealed that 59 per cent of advisers said they've seen clients negatively affected after following poor or unregulated financial tips online, while only 28 per cent agreed 'finfluencers' have a positive role to play in providing access to financial advice and guidance.

In addition, 88 per cent of respondents agreed that the way people consume financial advice is changing.

The report claimed that social media platforms, intended to democratise advice, were actually harming consumers.

"Advisers are becoming, in many cases, financial paramedics – cleaning up the mess left by widespread misinformation," it stated.

With this in mind, Nucleus technical services director, Andrew Tulley, said the targeted support regime offered a "valuable opportunity" to engage with underserved groups, demonstrate to people that advice may be an option to consider at the appropriate time, and promote greater financial inclusion.

"It's crucial that the government and regulators continue to do more to highlight the benefits of taking regulated financial advice," he warned.

Tulley added that financial advisers and planners remained "key" to improving the confidence of those approaching and in retirement, as well as to lobbying the government and regulators for a clearer, more supportive environment that enables the profession to thrive.

Meanwhile, the survey also concluded that the adviser profession was at a "pivotal moment caught between two worlds".

On the one hand, it noted that traditional values remained strong.

Word-of-mouth referrals remained the foundation of growth, relationships are long-standing, and independence is fiercely protected.

On the other hand, advisers reported facing a new wave of pressures, including digital disruption, changing client expectations, rising regulatory demands, and a growing sense that younger generations were slipping further out of reach.

Nucleas distribution director, Paul Bagley, stated that "change is not coming – it's already here".

"The question is no longer whether the profession will transform, but how it will transform in a way that serves both advisers and the clients who desperately need their help and support," he continued.

"Our survey results highlight that while regulatory demands and digital disruption continue to reshape the landscape, advisers remain committed to delivering trusted, personal advice in a changing world.

"By investing in talent, embracing smarter ways of working, and staying focused on what clients really value, many firms are not only navigating today's challenges - they're helping to define the future of financial advice," added Bagley.

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