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Support need for equity-release advice highlighted

12 February 2019

More support is needed for equity-release qualified advisers in order to make the product more accessible to consumers.

According to the latest research by Canada Life Home Finance, 40% of advisers ranked more support to help advisers become qualified ahead of better education for customers (37%) and lower product costs (37%) as the main measure needed by the industry to make equity release more attractive in 2019.

The research showed that one in eight (13%) of advisers aren’t qualified in equity release, although 38% of these intend to become qualified within the next year. Of those advisers who are qualified, 97% use their qualification at least once a year, with three quarters using it weekly.

Alice Watson, head of marketing and communications, Canada Life Home Finance, said: “More and more customers are becoming open to what the product can offer them and are happy to treat property wealth similarly to other assets, as something they can draw on to help them have the retirement lifestyle they want.

“But the shortfall between the number of advisers and the growing number of retirees – even before considering the growing demand for equity release – presents a real challenge to the industry. It’s no surprise that advisers have identified more help to get qualified as the best way of narrowing the gap.”

Canada Life recently announced that it will run another round of equity release exam workshops nationwide, as well as a series of ‘Setting the Standard’ workshops for already-qualified advisers, designed to help them make the most of their qualifications and learn about industry best practice.