Choosing the Best Advisor

Tips for Choosing the BEST Advisor For You

Looking For a Financial Adviser to Aid You With Equity Release? Here’s Some Tips & Tricks for Identifying the Adviser for You...

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4 Tips for Choosing the BEST Advisor

Are you wanting to release equity but have no clue where to begin? Well, the first step is to find a financial adviser.

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.

We’ll help you discover:

  • Why it’s important to carefully select a financial adviser for your equity release plan.
  • The secret to knowing 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 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.

#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.

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.

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As Featured In
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