The majority of financial advisers surveyed think that roadshows play a key role in terms of them learning more about the equity release market and that their clients would benefit from more information about these products. The research showed that almost one in five (17 per cent) of financial advisers questioned said that they do not receive enough support and information from equity release providers, highlighting that more needs to be done to help and educate advisers.
When asked what would help them to advise their clients more effectively on equity release products, 73 per cent of advisers named events such as roadshows, while almost half (47 per cent) said efficient sales tools have made it easier for them to advise their clients about this market.
Prudential’s survey also showed that two-thirds of advisers (66 per cent) currently advise less than 5 per cent of their client base on equity release products, but over a third of advisers (39 per cent) believe that between 15-30 per cent of their clients would benefit from equity release advice. This highlighted that many clients are not getting sufficient information on all the retirement planning options available to them.
Ali Crossley, Pru UK’s director of lifetime mortgages, commented: “A staggering 83 per cent of advisers think that consumers are not as informed about lifetime mortgages as they could be, which is why Prudential is taking the lead by offering more support and education to advisers so they can help their clients make the right choice when it comes to retirement planning.
“For many people, traditional pension products are often not enough to provide a satisfactory income in retirement which is why an increasing number are looking to use equity in their property. We have seen a lot of innovation in the market recently and products are now more tailored to customers’ needs. Our lifetime mortgage product offers great flexibility by allowing people to minimise interest by borrowing money when they need it, rather than a single lump sum up front.”
