Advisers prioritising vulnerability but need help with identifying – more2life

Eighty-four per cent of equity release advisers believe recognising vulnerable clients is one of their biggest priorities, according to a new study by more2life, although just 12% believe it is easy to identify these clients.

more2life also revealed that 94% of advisers regard it “very important” to have an understanding of issues surrounding vulnerability.

The findings were based on three tranches of research among almost 600 equity release advisers which took place in October 2018, July 2019 and March 2020.

When asked how they would best describe the vulnerable clients they had advised over the past 12 months, more2life found that 52% of advisers said their clients were of advanced age.

More than four in ten (42%) indicated their clients had significant financial worries, while 37% said that their clients had experienced life-changing events which had contributed to their vulnerability. Just 8% of advisers said their vulnerable clients had been diagnosed with a mental health illness, while 9% said that they had caring responsibilities, more2life added.

The equity release adviser said its research suggests that while advisers are able to spot the most obvious signs of potential vulnerability, such as age, they need more support to recognise the more subtle signs of vulnerability.

more2life highlighted FCA figures that show 1.5 million more adults are showing characteristics of vulnerability since the start of the COVID-19 pandemic.

“While much still needs to be done, the fact that the significant majority of advisers understand the importance of recognising vulnerability is a positive step but it’s clear that they need more support in this area so they can better serve their clients,” commented more2life CEO, Dave Harris.

“It is vital for advisers to be able to confidently identify vulnerable customers and understand the challenges they face.

“Educational resources and practical guidance for advisers on techniques they can use as part of the advice process is crucial – especially when face-to-face meetings are not possible – to ensure they feel confident to spot and support vulnerable clients.

“Now more than ever, advisers need greater clarity and support, which is why more2life strongly welcomes the worth that the FCA is doing on vulnerability as they work to ensure the best outcomes are achieved for older customers.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.