KRS establishes key drivers for equity release adviser choice

The biggest factors behind customers’ choice of equity release adviser are independent advice and specialist market knowledge, according to new research from Key Retirement Solutions.

Its analysis among more than 2,000 equity release customers found that three times as many ranked independent advice and specialist knowledge as reasons for choosing their adviser as those who selected the best return on their house.

Key Retirement Solutions’ analysis shows 47% selected ‘independent advice’ and ‘specialists in equity release’ compared with just 15% who selected ‘best return on the value of my home’ when asked why 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.