"The product that a client originally enquires about may not always be what is most suitable for their needs. It’s our job as advisers to determine this."
However, I haven’t read too many articles about how to actually improve the advice and what tools are needed in order to be able to provide a high standard of advice?
For me there are four key components that I call upon every day. Each of these help me provide a gold standard of advice to my clients.
• Training and qualifications
The training that I received when I first started my equity release career is still valuable to this day. But regular refresher sessions are vital to keeping the information fresh and relevant to the ever changing products and external factors, such as state benefits.
CPD is a great way to stay abreast of industry updates. We’re required to carry out 24 hours’ worth every year. The lenders are also in good position to be able to deliver knowledge sessions on their products, we regularly have updates with them when new features or plans are launched. In addition, we have annual product tests which are run by our compliance team. These ensure that we’re all delivering the same standard of advice and any training requirements can be addressed.
All staff at Age Partnership, regardless of their role, complete annual knowledge tests which cover things such as GDPR requirements, our Code of Conduct, complaints procedures, and our policy for dealing with vulnerable customers. These knowledge tests do not specifically relate to equity release, but they are all hugely relevant to how we treat our clients and address their individual needs.
• A good pair of ears
Good communication with our clients is key to providing a high standard of advice. Crucial to this is being able to listen to, and challenge, what clients are telling us during the fact-finding process.
All advice should be adviser-led to ensure that the client doesn’t borrow too much or little and the correct plan is recommended. But this can only be done by paying attention to what the client is saying, but also what they’re not saying. We shouldn’t be afraid to challenge our clients and ask probing questions where appropriate, as sometimes the none-verbal cues can be a flag for issues such as vulnerability.
We record all of our client interactions and these recordings are sometimes helpful to be able to listen back at calls, and even get a second option from a colleague or a member of the compliance team.
• A holistic view of financing options
Having a rounded knowledge of all possible alternatives to equity release allows you to provide a suitable solution for your client. You can have a balanced discussion with clients about the benefits and disadvantages of each option compared to equity release. The product that a client originally enquires about may not always be what is most suitable for their needs. It’s our job as advisers to determine this.
• A reliable sourcing tool with whole-of-market choice
Without a reliable sourcing tool, providing whole-of-market product choice is pretty much impossible, and we all know that accessing the whole-of-market provides the best options for clients.
Different lenders have different criteria, some may not accept certain properties or certain situations. For example, some lenders will not lend to a married couple where only one person is on the deeds. Plus, different lenders and plans offer specific features. A reliable sourcing tool will identify all of the client information from the fact finding process to drive the research and come up with the right plan for the client’s individual requirements.
At Age Partnership we have developed a proprietary sourcing technology which not only helps us to provide the right plan for our clients, but does this in an efficient way for both the client and the adviser.
These are the four key tools that help me deliver a high standard of advice to my clients day in, day out.
