LV= Research Suggests Equity Release Set to Become Big Growth Area for IFAsBy Lv, PRNE
Tuesday, August 24, 2010
CROYDON, England, August 25, 2010 - LV= conducted new research at its recent equity release road shows that
reveals IFAs believe equity release is set to become a big growth area for
their future business, helping to deal with the needs of the UK's ageing
Research amongst IFAs that attended the road shows, which took place in
May this year, showed that nearly all (98%) of them believe that there will
be a surge in consumers using equity release over the next few years. 35% of
the IFAs that attended said that equity release is already a core part of
When looking into the reasons behind the future growth of the market,
IFAs cited a shortfall in pension provision as the top reason for a future
boost in people releasing the equity from their home, with funding to make
home improvements and being able to help family onto the property ladder the
next biggest motivators.
When looking into long term care planning, 88% of IFAs indicated that
they believed, in the right circumstances, equity release could be the best
option for people needing to fund long-term care in the home.
Vanessa Owen, LV='s Head of Equity Release, said: "Advisers can clearly
see the importance property will play in people financing their future in and
around retirement, and a large number of IFAs now class equity release as
core to their business. Releasing the money locked in a home can, under the
right circumstances, be a lifeline for cash poor, asset rich people in or at
retirement. With people living longer and healthier lives many will want a
cash injection to help pay for a standard of living they have grown used to
in their working lives as well as paying for home improvements, dream
holidays or medical care. People's homes are often their greatest asset, so
it makes sense for them to be able to access that capital when they need it."
Andrea Rozario, Director General of equity release trade body SHIP,
added: "It isn't surprising that IFAs believe in the future growth of equity
release when you consider the longevity issues we face and the problems this
brings. Clearly the shortfall in pensions, along with an increasing need to
pay for care in later life is becoming more important for the consumer and
turning to their biggest asset, often their property is a logical step. The
use of this asset can help alleviate problems for customers as long as they
are fully aware of all the options open to them and this is where advisers
play a critical role."
The LV= equity release road shows focused on professional connections and
lead generation. The events covered issues around state benefits and equity
release. In total 256 IFAs who attended the road shows took part in the
LV= is committed to the equity release market and, for IFAs interested in
attending, will be running its next annual series of equity release road
shows in spring 2011.
LV= is a registered trademark of Liverpool Victoria Friendly Society
Limited (LVFS) and a trading style of the Liverpool Victoria group of
LV= offers a range of insurance (www.lv.com/) products including
home insurance (www.lv.com/insurance/home_insurance/) , car insurance
(www.lv.com/insurance/car_Insurance/), life insurance, pet insurance
(www.lv.com/insurance/pet_insurance/) and 50 plus life cover
LV= employs around 4,000 people, serves over 3.8m customers and members,
and manages around GBP9.5bn on their behalf. We are also the UK's largest
friendly society and a leading mutual financial services provider.
LVFS is authorised and regulated by the Financial Services Authority,
register number 110035. LVFS is a member of the ABI, the AFM and ILAG.
Registered address: County Gates, Bournemouth BH1 2NF. www.LV.com
PR Contact: Linda Winder LV= 69 Park Lane Croydon CR9 1BG +44(0)20-7634-4418 www.lv.com
PR Contact: Linda Winder, LV= 69 Park Lane, Croydon, CR9 1BG, +44(0)20-7634-4418
Tags: August 25, Croydon, England, Lv=, United Kingdom