Third of equity release customers respond to adverts
Research from Equity Release Solicitors Alliance suggests one third of equity release customers decide on what product to go for based on adverts.
The study was conducted in August 2009 on 425 equity release customers on the ways they choose their equity release plans.
It found that 32% of respondents base their decision on TV and magazine adverts, 19% contacted their financial adviser and 7% relied on word of mouth recommendations when choosing equity release. 61% shopped around before committing to a product rather than approaching one financial adviser, with 19% spending up to three months searching.
Most equity release customers shop around
Chairman of ERSA, Claire Barker, said: “With most equity release customers shopping around for an average of one to three months before making a decision, IFAs should ensure they consider all communication mediums available, in order to maximise exposure to the potential consumer.
“These include increasing their online presence, maybe through social media tools like Twitter, as well as looking at advertising costs.”
“Although a good reputation can lead to word of mouth recommendations this isn’t the most obvious method of finding a suitable product.”
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