Respondents to the Council’s latest member survey have called for greater understanding and education among the advice disciplines.
The member survey took place at the end of last year and focused on the market. When asked how consumers could better access the right advice the top three answers focused on education and understanding, by a wide margin.
- 69% of respondents called for equity release advisers to have a broader understanding of related products/markets to support a rounded approach to later life financial planning
- 69% called for wealth managers and independent financial advisers to have an understanding of equity release and when it might be appropriate to recommend it/refer clients
- 61% called for more mortgage advisers to have an understanding of equity release and when it might be appropriate to recommend it and refer clients.
Laura Gibson, the Council’s business development and membership relations manager, said:
“We are extremely grateful to the members who took the time to complete our last survey. This insight is invaluable to us, the wider membership community, and to the broader sector.
“It’s vital for us to recognise the experiences of our members and the challenges they are facing in the various stages of the equity release customer journey.
“It allows us to understand what support is required to respond to these challenges on behalf of our members, as well as identify opportunities for market innovation.”
Respondents were put into a prize draw for a £100 Amazon or John Lewis voucher along with a £150 donation to a charity of their choice. The prize was won by Paul Friedrich from Retirement Solutions.
He said: “I’ve been a member of the Council for more years than I would like to remember, and the recent increase in member communications has been a real step forward.
“I thought that the survey was an important piece to be able to pass on my thoughts regarding the ER market and appreciated the opportunity to do so. Winning, along with the opportunity to make a charitable donation, was an added bonus.”
A previous survey, focused on the Council and its services, was launched in H1 last year. Some 96% of respondents said Council membership was either essential or beneficial while 97% strongly agree or agree the Council’s safeguards enable consumers to trust that equity release is safe and reliable.
- The views of contributors are not necessarily shared by the Council.
