Older homeowners say trust is the most important quality they look for in an adviser, followed closely by transparency, thoroughness and tailored service, according to new research from the Equity Release Council.
The survey of 2,000 older homeowners was conducted to mark the launch of the Council’s new Standards 2.0, which includes a Consumer Charter designed to raise expectations and embed protections that go beyond the regulatory minimum.
The data shows consistency across age groups and genders, with trust emerging as the top priority in financial advice. Asked why they value additional standards, 63% of respondents said they want as much protection as possible, while 56% welcomed the assurance of extra support if things go wrong. These sentiments were even stronger among those aged over 56.
Michelle Highman, chair of the Equity Release Council’s Standards Committee, said: “Customers need to trust their advisers to provide transparent, thorough and tailored support, which is why when we relaunched our Standards, we included a Consumer Charter. This consumer-facing document clearly highlights what people can expect from a member of the Equity Release Council and encourages people to expect the most from their advisers.”
Homeowners over 65 were particularly supportive, with two-thirds saying they wanted maximum protection and 61% looking for additional support in the event of problems.
When asked how values such as trust and transparency made them feel, 43% of respondents said they felt more confident, 29% said their needs felt understood, and 27% felt more hopeful.
Highman added: “Making decisions about later life finances can seem big and daunting but with the right advice, people can feel confident and truly understood. While not all older customers are vulnerable, people are more likely to face circumstances or conditions that make them more vulnerable as they age and therefore need additional support. It is these types of safeguards that will encourage more people to look at all their options in retirement and help to encourage more people to make proactive use of their property wealth as they age.”
