More 2 life: Greater education needed to spot vulnerability
More 2 life has revealed that three quarters of advisers argue there is a need for greater education on how to recognise and deal with vulnerable clients.
According to the research, most (87%) advisers admitted it was difficult to spot vulnerable customers, but 81% said that less than a fifth of their client bank fits into the vulnerable category.
More 2 life is calling on the wider lending market to raise awareness among advisers of the signs of vulnerability and to provide greater education for advisers to better help these customers.
Dave Harris, chief executive officer at more 2 life, said: “Vulnerability continues to be an important issue across the entire financial services sector and this research highlights that the equity release market is no exception.
“It’s clear that advisers need more support and education to help them identify and serve vulnerable customers to ensure that they provide the right financial outcomes for their situation.
“As an industry, we need to work together to give advisers the skills and confidence to recognise signs of vulnerability, and to communicate with clients and manage their requirements effectively.
“As the UK’s population ages and a greater number of older homeowners turn towards equity release as a source of income, advisers will be in a vital position to ensure they are able to help all consumers through the advice process and meet their needs in later life, including those who may be potentially vulnerable.”