We ask BDMs up and down the country for their answers to the following 10 questions. In this edition Georgina Oxton, LV’s equity release BDM for the South East of England, is under the spotlight.
How many brokers do you see in a week?
It varies from week-to-week but I spend the majority of my time each day case consulting with brokers on equity release scenarios and supporting them with ideas and tools to develop their equity release business.
Some of these brokers will be experienced equity release specialists, others will be new entrants to the market.
What issues come up time and time again?
“Where do I get leads from?” – As well as it being a challenge to generate leads in the first place, equity release is quite unique in that there can be a long lead-in time before customers feel ready to proceed.
They will often want to discuss with their family and friends and it is a big step. So brokers need to consider how they can keep any leads they do generate warm during that decision-making process.
It’s important that brokers don’t forget the importance of having an internet presence – many potential equity release customers (and their families) do their initial research online, even if you don’t expect them to.
Favourite part of your job?
Taking the mystery out of equity release for new brokers. I hope I can support new entrants to equity release advising, starting from a realistic view of the opportunities and challenges of this market, through support with qualifications and ending with on-going business development support.
I also really enjoy talking to equity release customers, hearing about their experiences and sharing their hopes for their retirement years.
Biggest challenge?
Changing people’s perceptions of equity release. For too long now the sector has suffered from the legacy of problems with some historical products and has had a reputation for being a product of last resort.
Strangest question you’ve ever been asked?
Will we lend on a houseboat moored on an island, with no vehicular access. Not ideal security for a loan and a few issues around flood risk…
What do you wish brokers understood about your job?
That occasionally we do have to say no to a case. There will sometimes be insurmountable issues with a property or scenario which make it impossible for us to lend.
Last film you saw at the cinema?
12 Years a Slave.
Least favourite sport?
Cricket.
Current mobile phone?
Blackberry.
Favourite biscuit?
Shortbread.
