"Advisers in the equity release market should be using this channel to stay updated on the latest industry news, whilst also highlighting the value which equity release can bring"
Despite almost 80% of advisers having at least one social media account, only 38% use these channels to promote their advisory services and just 32% use it to share equity release news and developments, according to research from more 2 life.
When surveyed about the greatest causes of concern around using social media, half of advisers cited uncertainty over how to employ it effectively and a further 42% said regulatory worries were the main cause for concern.
However more than half of advisers (53%) expressed a desire to use social media from a business perspective more than they do at present. In addition, 74% would be interested in receiving help to improve their social media presence, revealing that a lack of education is preventing its use, rather than a lack of willingness.
The lender is now calling on advisers, lenders and industry experts to consider sector-wide improvements in this area.
Stuart Wilson, marketing director at more 2 life, commented: “Social media is becoming an increasingly important communication tool in our everyday lives. Advisers in the equity release market should be using this channel to stay updated on the latest industry news, whilst also highlighting the value which equity release can bring to older borrowers. As an equity release lender at the forefront of innovation and modernisation in the market, we believe it is vital to raise awareness of the integral role social media can play in growing the sector further. As well as our Influencer programme, we are developing other support for advisers who are keen to explore social media, including a webinar and marketing guide.
“Our recent survey clearly shows there is an appetite for greater use of the social media among advisers, but more knowledge on how to utilise it successfully and greater clarity on how to do so while remaining compliant with regulation is needed. The FCA has previously indicated its support of advisers using social media to interact with consumers, so it’s vital for the industry to tackle these issues, before they become major barriers to future development and progress in the sector.”