Following recent reports into the importance of receiving comprehensive financial advice when considering equity release, ERSA members have ranked areas of advice that they consider imperative if customers are to understand their decision before seeking legal advice. Categorising 15 aspects of IFA service, ERSA members ranked each in level of importance. The top three are:
1st: Researching all options for type of plan, provider and product in full and remaining sensitive to the clients' circumstances
2nd: Clarity
3rd: Discussing all alternative options to equity release from the beginning and recommending if any would provide the desired outcome
Other factors included in the list were making regular contact with clients, providing them with additional literature and the disclosure of all costs early on in the advice session.
Claire Barker, Chairman, ERSA commented: "After Which?'s mystery shopping report, IFA advice has been placed under the spotlight. While many IFAs offer exceptional advice to clients, some are clearly not so thorough. Alongside financial and medical considerations for each client, no categories could be deemed 'unimportant', and we feel that some aspects simply cannot afford to be overlooked if clients are to feel informed about their decision before seeking specialist legal advice."
