Equity release lender more 2 life has recently revealed that despite almost 80% of advisors having at least one social media account, only 38% of them use these channels to promote their advisory services, while just 32% use it to share equity release news and developments.

These findings highlight potential missed opportunities for advisers to use their social media network to promote the benefits of equity release to potential customers and, therefore, grow their business.

When surveyed about the greatest causes of concern around using social media, approximately half of those surveyed cited uncertainty over how to employ it effectively, while a further 42% stated that regulatory worries were the primary cause for concern.

However, despite this, 53% of advisers expressed a desire to use social media from a business perspective more than they currently do, with an additional 74% interested in receiving support and help in improving their social media presence, revealing that a lack of education is preventing its use, rather than a lack of willingness.

more 2 life marketing director Stuart Wilson said: “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.”

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