40% of consumers spend six months weighing up options before contacting adviser
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Equity release clients spend over six months researching the available to them before approaching an IFA, new research reveals.
The Equity Release Surveyor’s Alliance completed a survey of 600 ER consumers and it says the 40% figure is a 27% increase on a similar survey it completed in August this year. Back then, just 13% had looked around for six months prior to contacting an IFA.
In addition, 83% of clients said that they had consulted relevant literature or guides before making their decisions – with 20% having read literature supplied by their chosen intermediary.
When selecting an IFA, customers rated specialist equity release advice as the most important factor.
This was followed by the prerequisite that their IFA is easily contactable and that the financial adviser has a detailed understanding of their client’s financial circumstances.
Claire Barker, chairman of ERSA, says: “The findings indicate that consumers are spending more time searching for information and the equity release product most suited to them.
“By consulting the relevant literature, shopping around and then selecting an adviser who specialises in equity release, they are ensuring that they have made a thorough and informed decision.
“Equity release is not a decision that should be rushed into and customers are advised to seek both independent financial and legal advice before proceeding with a policy.”
