Analysis from Key Retirement Solutions showed 47% of customers chose ‘independent advice’ and ‘specialists in equity release’ compared with just 15% who selected ‘best return on the value of my home’ in a poll on how they chose their adviser.
‘Widest choice of plans’ was selected by 24% while ‘company’s reputation’ was picked by 25%, the study among customers in 2011 showed.
Dean Mirfin, group director at Key Retirement Solutions, said: “Growth in the equity release market is being driven by independent specialist advice as increased innovation such as the use of drawdown means it is crucial that all customers are helped through the process.
“Customers are clearly concerned about maximising the return on their home but place a higher value on advice and the reassurance that their adviser is a specialist.”
Key Retirement’s latest market monitor showed total funds released in 2011 rose 5.4% to £959.6m – the first rise in four years.
Total equity release plan sales continued to see growth in 2011 with a 1.6% rise to 22,366.
