With that, more advisers are interested in gaining the qualification to start advising and it is crucial they have the support and education available to them after they have qualified.
There’s a real need for equity release and research conducted by Age Partnership highlights this; it found that 30% of retired people are worried about their finances with 1 in 4 struggling financially.
Two thirds (68%) of respondents said they will or already do depend on the State Pension to fund their retirement even though they are worried about inflation and the cost of living rising faster than their pension pots.
Therefore, there’s a real need for adviser engagement. It may seem a daunting market to enter, and therefore it’s crucial to let advisers know about all the support that’s out there for them.
Those aged 55 and over are becoming increasingly aware of the value tied up in their homes and seeing equity release as a potential option for security in their retirement.
Advisers need more education
Advisers are in a position to guide customers through the range of options when it comes to later life planning and lending.
It may not be the right option for everyone, but it’s an important choice to consider, therefore it is important that advisers take a holistic approach to retirement planning, offering their customers the full range of options.
One of the crucial points to note is that advisers need more education. Support with this began two years ago with the launch of the Equity Release Council’s Adviser Guide to Equity Release.
Since then the influx of support materials has been exponential, and this is something that Pure, as well as many other lenders are keen to further develop.
As the equity release market continues to grow it is important the educational support for advisers grows with it.
Advisers can make the most of free events such webinars, roadshows, training sessions and exam workshops from a range of sources including lenders, broker firms and trade bodies.
We believe that combining knowledge from experts in the industry is the only way to sustain and grow the adviser network in order to meet the increased customer demand.
The ultimate goal for all lenders is to grow the equity release market and offer support to upskill advisers who are wanting to move into this area.
Customers of the future will need a solid base of knowledgeable professionals, helping them with important financial decisions and ultimately guiding them along the way to the comfortable retirement they deserve.
If you are new to the equity release market or considering entry there’s an ever-growing network of support designed specifically for this purpose for you to make the most of.