What do older homeowners value most in an adviser?

New industry research prompts a closer look at adviser-client dynamics in later life lending

What do older homeowners value most in an adviser?

Older homeowners place high importance on trust, transparency, and personalised guidance when seeking financial advice, according to new findings released by the Equity Release Council.

The survey of 2,000 individuals aged over 40 was conducted to coincide with the rollout of the council’s updated Standards 2.0, which include a new Consumer Charter and an additional Product Standard. These reforms aim to strengthen consumer protections beyond existing regulatory requirements.

Respondents consistently ranked trust as the top quality they seek in an adviser, followed by clarity, thoroughness, and customisation of advice. These preferences remained broadly consistent across age groups and genders.

The study also revealed strong backing for standards that exceed regulatory minimums. Only a small portion of respondents (4%) felt that current regulations were sufficient or excessive. In contrast, 63% said they supported enhanced standards to maximise protection, and 56% viewed them as vital for support if issues arise.

The desire for higher safeguards was notably stronger among those aged 56 and older. Compared with the 40-55 group, 12% more in the older category said they sought maximum protection, and 11% more valued the reassurance of added support.

Nearly half of the respondents (43%) said they felt more confident in their financial choices when advice was trusted and comprehensive. Others said it helped them feel understood (29%), optimistic (27%), and more engaged (25%).

The council’s new standards officially came into force earlier this month following a year-long review involving eight working groups and a broader consultation process. The revisions were designed to simplify the framework while upholding consumer safety.

“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,” said Michelle Highman (pictured), chair of the Equity Release Council’s standards committee. “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.”

Highman added that financial decisions in later life can be challenging, especially as individuals become more susceptible to vulnerabilities. “Indeed, two-thirds of homeowners over the age of 65 said that additional standards mattered as they wanted as much protection as possible while 61% wanted to know they would get additional support if anything went wrong,” she pointed out.

“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.”

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