The gap in income between work and retirement has been a cause for concern. What seems to be adding to this gap is the % of people who are regularly consulting an IFA, recent research shows only 8% of Britons regularly consult an IFA. Compare this with the 32% of Britons who search the Internet for Financial Advice. Where many products are ideally suited to being researched definitely and in some cases transacted on line the purchase of an Equity Release scheme is not one of them. That the research can be carried out on the internet is absolutely true however to enter into the actual purchase is one which requires professional, expert advice.
In the recent survey a majority of people expected to have a high living standard in retirement they were often unaware of the range of retirement options open to them. Also 35% of those questioned had no regular pension in place. Also the level of knowledge of equity release as part of retirement planning was interesting with 14% having never heard of it. Of those who had heard of it 32% thought it a form of sale and rent back and 9% thought it was a Remortgage. It is clear from this that the need for advice on equity release plans is imperative as is the need for education generally in relation to the product.
The internet is a fantastic starting point to gathering information on Equity Release however to progress the process towards an equity release purchase the need for an Adviser to be involved is paramount. There seems to be a perception gap with regard to retirement planning. 73% of Britons consider themselves responsible for their own retirement finances yet only 8% are regularly consulting an IFA. There are many areas of planning which can be researched on the internet. The purchase of an equity release plan is not one of them.
The need for advice from a specialist, professional adviser has never been more relevant or more necessary.
Mick Bradley
Managing Director
Retirement Solutions Limited
07766 257464
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