Advisers not meeting equity release demand, says Paradigm

26 July 2011 | By Tessa Norman

Paradigm says it is concerned some intermediary firms have a lack of specialist knowledge on equity release or have misconceptions about equity release products.

It says all advisers who may have clients appropriate for equity release should ensure they either have in-house specialist equity release advisers, or introductory relationships with such specialists.

Paradigm says it believes there will be a growing market for equity release in the coming months and years, and therefore adviser firms need to be prepared to meet the increase in demand.

The firm adds it is currently updating its range of provider and adviser relationships within the equity release sector and expects to announce a range of new strategic relationships with a variety of firms soon.

Bob Hunt, chief executive of Paradigm, says: “The Dilnot report has certainly brought many issues to a head and it is vitally important that advisers are actively in discussion with all their clients about how they intend to fund their retirement and how they might also fund any of the care they need. 

“This is why we believe equity release will play a more important role in retirement living and therefore advisers across the country need to be prepared to see more clients for whom these products are suitable.”

He adds it is also important that advisers give full consideration to the entire product range available, and advise on both lifetime mortgages and home reversion plans.

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