This morning the postman delivered my monthly subscription to the Which? Magazine. I was really hoping for an independent review on dishwashers, since this is my next electrical purchase. Unfortunately, this wasn’t covered, but what did catch my eye was an article on 'Equity Release'.
As an adviser that is qualified to discuss equity release, I am a big fan. When used correctly, it can be a very useful means of unlocking some value in a property and using it for another purpose.
This four page article talks about going undercover and visiting advisers who are qualified to recommend equity release products. It was alarming to see in this investigation that the advice being given in this area remains inconsistent and inadequate. Advisers had failed to cover the impact of state benefits, alternatives to equity release, as well as whether they were independent or tied advisers. To me this is basic stuff and paramount in any discussion that I have with people about equity release.
Torquil Clark is an independent firm; therefore I have the scope to recommend any product that is suitable for the clients that I meet. That is important, but what is even more important is if it’s not suitable for the client, it should NOT be recommended. Equity Release can often be seen as a last resort. I am not sure that this is always the case, but what I am sure about is that all other ways of raising capital should be looked at and discounted if necessary. Involving other family members in the discussions is also useful; after all, it could be their inheritance that is reduced. You can get good, consumer focused information on Equity Release by visiting the Safe Home Income Plans (SHIP) website.
So, although I haven’t been able to select my quality dishwasher, I am confident that my advice in the area of equity release is of a high quality.
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