2-in-5 advisers not confident in providing later life lending advice

Growing product innovations is making advice more complex

Written in line with our editorial policy.

New research has found that nearly two-out-of-five financial advisers are regularly turning away clients enquiring about later life lending. A lack of confidence in this area has been cited as one reason for this trend.

What’s more, a further 46 per cent of advisers occasionally turn away clients because they doubt their ability to offer a later life lending service.

The research suggests that some financial advisers who don’t specialise in later life lending feel unequipped to provide advice in this area. 

Key Later Life Finance, who ran the research, say that the growing complexity of later life lending products is making advice more complex for advisers. Reflecting this, they found that around 86 per cent of firms questioned refer clients to later life lending or equity release specialists at least once a month, rather than provide advice themselves.

There has been significant change in the equity release sector over the past 12 months, with new products and innovative features being launched, including these that we have reported on:

More repayment options from more2life.

Personalised interest rates from more2life.

New interest payment options from Pure Retirement.

New features, lending criteria and loan-to-values from Pure Retirement, LV= and Standard Life.

Although financial advisers who provide advice on other areas can of course advise on equity release, this new research suggests many are not comfortable in this area. The challenge of keeping pace with product innovation could be one factor in this.

The issue of adviser knowledge and confidence is being addressed by the Equity Release Council, who in May will be running a workshop for advisers new to the sector at its Later Life Lending Summit in Westminster. 

The workshop is designed to ‘provide newly qualified advisers or those considering a qualification with insight into the entire customer journey, as well as hints and tips from those who have been operating in this sector for years’.

Talk to a specialist later life lending adviser

Unlike general financial advisers, specialist equity release advisers tend to focus on later life lending. They may therefore be more familiar with the full range of lifetime mortgages available today. That could include innovative new products that may offer more flexibility or better value for your situation.

A good specialist will offer impartial, personalised advice based on your goals and circumstances. They’ll also explain all your options, the pros and cons of equity release, and help you decide whether a plan is the best route for you. If an alternative might suit you better, they will tell you.

Additionally, they’ll explain the effect equity release can have on your estate, such as how a plan will reduce the amount of inheritance you leave and may impact your entitlement to some means-tested state benefits.

Thinking about equity release? Our friendly selected specialists are here to help you make an informed decision. Call us on 0808 178 3055 or request a call back at a time that suits you. Alternatively, see how much you can release with our free equity release calculators.

Source

Later life lending advice research: Two in five advisers turning away later life clients due to doubt. FT Adviser. Accessed 24/04/2025.

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn