How important is the Equity Release market for you and your clients now and in the future?
Now – In the Future
Very Important 31% – 51%
Important 45% – 44%
Not Important 24% – 6%
There has been a huge amount of talk about the equity release sector but this survey really puts it into perspective. A third of brokers already believe that the sector is “very important” and more than half share this view for the future.
Whatever the strength of the feeling this is obviously not a sector that can be ignored as those that think equity release is not currently important drops from 24% to just 6% in the future. Furthermore the scope of possibility is enormous with 90% of brokers revealing that they have clients who will be reaching retirement age over the next five years with reasonable projected levels of equity in their homes. This gives us some sort of idea of the potential for this market.”
The survey also sought to understand any barriers that advisors may face in recommending equity release products whether it is obtaining the right qualifications or perhaps creating the right compliance process.
Are you currently qualified to give advice on Equity Release?
If you have concerns about advising on Equity Release are these related to:
Difficulty in obtaining the qualifications 24%
Compliance risk 76%
David Aylmer, Business Development and Marketing Director at Trigold said: “Although fewer than half of the brokers questioned are currently qualified to give advice on equity release it is fascinating to note that it is compliance rather than training that is seen as a stumbling block.
“Three out of four brokers state that it is the compliance risk that raises concerns for them. The big job now is for brokers to get themselves in a position where they can start benefiting from this market and make equity release a major income stream in 2009.”
Is Equity Release the next big thing? Tell us what you think using the comment section below