Wednesday 16th August 2006
Prudential has observed how much financial advice has changed since the 1970s.
In its latest Adviser Opportunity Survey, the financial advice firm found that while pensions and investments are topping the tables for business growth, 21 per cent of the independent financial advisers (IFAs) questioned think that equity release products will be the growth area of the future.
Although three quarters of financial advice in the 1970s related to savings, this is now a small percentage of an advisors business, with pensions, insurance and investments all being more frequently consulted on.
There are few that disagree: 95 per cent of respondents believe it is likely that their clients will need to consider equity release as a supplement to their retirement income.
"It is interesting to see how the focus over the years has changed for IFAs," said Jan Holt, head of sales for Prudential Lifetime Mortgages.
"Today, given the buoyant stock markets of recent years and the poor provision for pensions it is of no surprise to see that all three generations of IFAs now focus on Investments and Pensions."
Another lifetime mortgage provider, Norwich Union, has recently called for more competition in the equity release market, including a greater number of high street providers.
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