"It is crucial to stay ahead of the compliance guidance to ensure we can still be providing our services to clients in the future."
Keeping things fresh
New partners bring with them a new audience for this financial solution, people who perhaps didn’t realise that equity release was an option for them to consider; and new plans offer more choice for this growing group of clients and their wide ranging requirements.
In a sector that has more than quadrupled its product range in the last two years, alongside an increase in the number of clients by 14% over three years, we have proved that competition and choice is healthy for everyone concerned.
There are just over 8m households in the over 55 category whereby the home is classified as owner occupied. This just shows that there are potentially many more people for whom equity release may be an option for them to consider. Coupled with an ageing population and an increasing demand for options in later life financing, there is a need for all businesses operating within this area to constantly adapt. We are no longer just providing equity release to people who are in desperate need for cash. We are looking at later life financial planning and taking a broader view of each individual’s personal situation.
Reviews and learnings
As client demands change and learnings are shared from both the FCA and the Equity Release Council, there is a need to adapt our services and techniques to ensure that we’re providing the best plans, advice and aftercare that we possibly can.
Since the sector became regulated we have come such a long way in clearing up the historic reputation of equity release. It is crucial to stay ahead of the compliance guidance to ensure we can still be providing our services to clients in the future.
This years’ findings from the latest FCA review referenced the need to document client conversations in their own words in order to ensure that we’re providing the right solution for their specific situation. At Age Partnership this was something that we had already identified as beneficial, going a step further and recording all client interactions, business wide, regardless of where they take place.
Embracing technology
This year more than ever we have seen the positive effects that technology can bring to our lives. In the equity release sector the benefit of videos calls have been well documented. But it shouldn’t stop there. The speed, efficiencies and accuracy that can be achieved through the use of technology can make a massive difference for both the client and the adviser. At Age Partnership when we overhauled our existing suitability document from a manual, timing consuming process which relied on each individual adviser, to a centralised automated document totally personalised to each client, the feedback from clients was fantastic. Whatsmore, advisers really appreciated the efficiencies and the centralisation simplified the process of compliance checks.
