Choosing the Best Advisor

Do You Want to Choose the Best Equity Release Advisor?
Contributors: Nicola Date, Katherine Read. Reviewed by Francis Hui
Are You Trying to Find the Best Equity Release Advisor but Don’t Know Where to Start? We Share the 4 TOP TIPS for Choosing a Trustworthy Advisor to Help You With This Life-Changing Decision.

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Are you wanting to release equity but have no clue where to begin? Well, the first step is to find a financial adviser, and you’ll want to choose the best advisor.

However, without this essential guide, you could be stuck with an adviser who makes the process an unpleasant experience.

Fear not; we at SovereignBoss are here to be your trusted guide.

What You’ll Learn in This Article:

    We’ve consulted with numerous industry-leading regulated advisers to discover the secret to finding the best person to guide your equity release journey.

    Here’s what we found!

    4 Tips for Finding the Best Financial Adviser for Equity Release In 2022

    In your search for the best adviser, there are certain things to look for and vital considerations.

    Here’s our 4 essential tips:

    #1. Consider Referrals

    The simplest approach to locating the best adviser is to inquire with your friends and family if they have had a positive experience with one before.

    You’re halfway there if they’ve done so.

    They can tell you whether the individual appears trustworthy and honest.

    They will also understand if their costs are fair, as well as how they work.

    If a current client refers you, the adviser is also more likely to be willing to see you as well.

    Before You Keep Reading….

    Let’s See How Much You Can Release 👇

     

    Equity Release Calculator

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    50000

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    #2. Know Which Type of Adviser is Preferable

    Are All Advisers Equal? Unfortunately, this isn’t the case. Not all advisers are the same, and they fall under 2 categories.

    • Whole of Market advisers – They have access to all providers and products available on the equity release market, and will recommend the best plan for you.
    • Restricted advisers – They’ve chosen to work with a limited number of suppliers and services that they believe will suit most of their clients. From this panel, they will choose the best option.

    Both advisers are similarly qualified and likely to have similar experiences and may have worked as both types in different times of their career.

    There are further splits:

    • Mortgage only advisers – not all qualify to advise on equity release. Those who do will need additional qualification.
    • Independent financial advisers – also known as IFA’s,1 some don’t advise on mortgages at all, as they don’t hold the necessary qualification. Furthermore, you must find one that specialises in equity release advice.

    Which is better?

    An independent financial adviser is usually the best option. Here’s why:

    • Those who choose to obtain the extra mortgage and equity release credentials will almost certainly have a deeper understanding of your pensions and other assets.
    • They already have an understanding of inheritance concerns that might affect you and your family.
    • Many financial planners also include equity release with the additional qualifications needed to advise on long-term care issues.

    Any of these elements might impact you during your retirement years when Equity Release lifetime mortgages are available.

    As a result, they are likely to be better equipped to consider these aspects when making their suggestions.

    #3. Search in the Right Places for an Adviser

    Here are some great tips of places to search for advisers:

    • Equity Release Council – They govern the equity release industry in the UK. All advisers who are members of the Council hold the nessecary qualifications. You can find the member advisers on their website2.
    • Financial Conduct Authority (FCA)3The regulatory body for all financial advisers in the UK. Their listings also verify the adviser’s competence and authorisation in various financial sectors.
    • Personal Finance Society (PFS)4  Among the bodies that regulate guidelines and ethics for UK financial advisers.
    • Your Money Adviser – If you want to seek a competent adviser, this is the branch of the PFS that allows you to do so. It’s really simple to utilise, and it contains a lot of information.
    • Internet searches – Use a search engine to find advisers in your area. Ensure that whoever you find comes recommended, and holds the appropriate qualifications.
    • Community notices – If you have local notice boards or papers, you can looking for advertisements for your local service providers.

    #4. Shop Around

    It’s perfectly acceptable to shop around before you find the perfect adviser. Your first appointment might not be the right fit.

    You’ll be working closely with this person, and they’ll be assisting you with financial matters. Therefore, you need to feel comfortable and find someone that you trust.

    Common Questions

    In Conclusion

    Finding the right adviser can be challenging. But, with these expert tips, you can’t go wrong.

    Releasing equity can be life-changing if carefully considered and well planned.

    Once you’ve chosen the best advisor, you can make an initial appointment. Wondering which questions to ask? Find out next.

    Before You Go…

    Use the FREE Calculator Below 👇

     

    Equity Release Calculator

    Value of Your Home?

    50000

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    Editor’s Note: The information contained in this website is for general information purposes only & while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. This content has been independently collected by the SovereignBoss team and is offered on a non-advised basis. View our editorial guidelines.

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