Figures from the equity release broker showed that more than 2,000 equity release customers found independent advice and specialist knowledge of the market were the main reasons why homeowners selected a particular company.
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.
The study showed 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 had chosen 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.
“Customers are clearly concerned about maximising the return on their home but place a higher value on advice and the reassurance that their adviser is a specialist.”
