There are many different types of advisers that can help people with equity release. Some of these include financial planners, lawyers, and accountants. People may not know this, but advisers are key to the equity release revolution.
Like many financial products, it can be difficult for people to understand what equity release is and how it works. That’s why you need an adviser by your side. They will help explain everything so that you don’t have any questions left unanswered before you get started on your journey.
Getting to the Bottom of the Problem
The objections will be widely known to advisers who have worked in the equity release sector as well as those who opt to avoid it. It prevents people from relocating1, jeopardizes succession plans2, causes family issues, and customers may not completely comprehend the terms of their agreements.
While there are certainly examples of poor outcomes in this market, as there are in all areas of financial services3, the vast majority of customers we surveyed were so pleased with their choice that they had already or planned to recommend the product to friends and family, a ringing endorsement for these often maligned products.
Furthermore, 67% said it had enhanced their quality of life, 35% said it had improved their level of living, and 23% said it had allowed them to help relatives.
Equity release has a non-financial impact, as it supports more general quality of life issues, with 50% of respondents indicating that alleviating financial anxieties enhanced their wellbeing, and 33% saying it allowed them to continue doing the activities they enjoy.
The majority of people said they shared their plans with their families before proceeding, with 64% stating they did so.
Only 6% avoided the topic because they expected opposition or worried family would feel bad, while 29% felt it was no one else’s business, a totally logical attitude given the drivers underlying some transactions and disparities in family circumstances.
Moving home was also not an issue for most clients; 83% stated they had never considered it, while 4% claimed they had successfully relocated after taking out equity release.
Advice is Vital
Customers can only get equity release with the help of a financial adviser4, and the report’s overall conclusion is that advisers are doing a fantastic job.
However, there’s no reason to be complacent; in a continuously changing industry, they must all aspire to do even better.
With one of the most important duties of an adviser being to ensure that a client completely knows their options, it’s encouraging to see that 92% of consumers surveyed believed their adviser had communicated the plan to them well or very well.
To ensure that products and advice in the later life sector continue to evolve to suit the ever-changing wants and needs of clients, continuous improvement is essential.
This ground-breaking study shows that a lot is being done well, and advisers are at the heart of many equity release customers’ excellent experiences.
What Does a Financial Adviser Do?
A financial advisor’s responsibilities typically extend beyond simply executing deals on behalf of their clients in the market. Advisors apply their knowledge and experience to create customised financial plans that help clients accomplish their financial objectives.
What Is the Average Cost of a Financial Adviser?
If you have a preference for a particular choice, let the adviser know and they may be willing to work with you. These are some of them: An hourly rate – this can range from £75 to £350 per hour, however, the UK average charge is at £150. A fixed charge for a piece of work, which could be hundreds or thousands of pounds.
The equity release revolution has been fueled by advisers, who are key to making this process as easy and enjoyable for their clients.
Equity release is a way that many people have found to unlock the value of their home, but it can be intimidating or overwhelming without professional guidance.
For those considering releasing equity from your property in order to fund retirement, you’ll want an adviser whom you trust with your financial future guiding you through all aspects of the process.