New research from Prudential reveals that the majority of financial advisers think that roadshows play a key role in terms of them learning more about the Equity Release market.
The research also found that their clients would benefit from more information about these products.
Almost one in five (17%) of financial advisers questioned said that they do not receive enough support and information from equity release providers, clearly 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% of advisers named events such as roadshows while almost half (47%) say efficient sales tools have made it easier for them to advise their clients about this market.
Prudential is creating support tools to encourage more advisers to offer lifetime mortgages as part of a clients overall retirement planning.
Prudentials survey also showed that two thirds of advisers (66%) currently advise less than 5% of their client base on equity release products, but over a third of advisers (39%) believe that between 15-30% of their clients would benefit from equity release advice.
Ali Crossley, director of lifetime mortgages at Pru UK, says: A staggering 83% 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.