Two thirds of advisors fail equity release test

EdInvestor

According to a survey by Which?

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=488781&in_page_id=8&ct=5

dunstonh

The research is already being discredited. Much the same reasons as their earlier research.

There is no detail on what stage Which? ceased to use the adviser. Its almost 100% certain that they didnt proceed with 40 equity releases from beginning to end but ended the advice at some point.

As advice in these things is typically given over 2,3 or 4 appointments, you shouldnt expect much to be given in the first one. You certainly are not going to spend hours researching and writing a pre-issue suitability report without knowing you are going to be paid for it or the person has given the go-ahead in principle. It's at that stage that most of the compliance side is given out. If the Which? mystery shoppers never got to that stage then its no wonder the information wasnt there.

There is no reference to any suitability reports in the research and that is where the compliance issues are normally discussed.

Many advice processes have an order in which information is given. Many advisers just go for the chat to discuss general basics in the first appointment and then go into detail in later appointments. Experienced advisers can also spot time wasters fairly quickly and will just aim to end the appointment without going through a load of work.

If you base your opinions on media article and biased research documents with flawed techniques and assumptions then you are just going to be one jaded individual.

yelf

sounds like which trying to justify their existence. Statistics can be used and bent in numerous ways to give the most satisfying or alarming results (depending on who its for).

dunstonhs points are very true

dunstonh

Which? did a survey a few years back that failed most advisers using their own which's own criteria and some of those failed because the information on their initial disclosure documents didnt meet what Which were looking for. It didnt have anything to do with the issue they were researching but they classed them as a fail.

I remember one mystery shopper giving an adviser a really low score because they didnt give them any advice. The adviser was fee only and refused to give free advice and they severely criticised him and gave him one of the lowest scores you had seen. Yet he had done nothing wrong.

Anyone with a clear judgement will look at these types of research reports in their own area of business/employment/profession and see the mistakes or assumptions made are often wrong on those. That should tell them the research on other issues they dont know about are likely to be just as flawed as well.

stephenni1971

It's amazing how many companies and product providers can produce research which shows there is a huge need for their product or service.

The fact is the questions are skewed in such a way they know the result before they start.

You need to take all these 'reviews' with a fist full of salt in my opinion.

Being a qualified IFA does not mean you know everything there is to know about all products and providers. That's what RESEARCH is for.