Contributors: Nicola Date, Katherine Read. Reviewed by Francis Hui

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4 Tips for Choosing the BEST Adviser

Are you wanting to release equity but don’t know where to begin? Well, the first step is to find a financial adviser.

However, if you don’t follow 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.

We’ll help you discover:

  • Why it’s important to carefully select your financial adviser.
  • How to know which adviser is right for you.
  • Where to find a great financial adviser.

We’ve consulted with numerous industry-leading regulated advisers to discover the secret to finding the best person to guide you and your family. Here’s what we found!

4 Tips for Finding the Best Financial Adviser for Equity Release In Dec 2021

On your search for the best adviser, there are certain things to look for and vital considerations. Here’s our 4 essential tips:

Tip #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.

Tip #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 nessecary 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.

Interesting Read: Why You Should Seek Equity Release Advice in Dec 2021

Tip #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 website.2
  • 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 nessecary qualifications.
  • Community notices – If you have local notice boards or papers, you can looking for advertisements for your local service providers.

Check Out: 20 Highly Recommended Financial Advisers in London

Tip #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.

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 found your potential top adviser, you can make an initial appointment. Wondering which questions to ask? Find out next.

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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