Eq release clients 'prepared to do their homework'

In a survey of more than 600 clients, ERSA found 40 per cent spend more than six months researching the product choices before approaching an IFA.

This is an increase of 27 per cent from August's figures which found just 13 per cent spent more than half a year considering the various options available.

The research also found that 83 per cent of clients said that they had consulted relevant literature and/or guides before making their decisions, with 20 per cent having read literature supplied by their chosen intermediary.

When selecting an IFA, customers rated specialist equity release advice as the most important factor.

This was followed by the prerequisite that their IFA is easily contactable and that the financial adviser has a detailed understanding of the client's financial circumstances, the research found.

Claire Barker, chairman of ERSA, said: "The findings indicate that consumers are spending more time searching for information and the equity release product most suited to them.

"Equity release is not a decision that should be rushed into and customers are advised to seek both independent financial and legal advice before proceeding with a policy."