The proposition intends to fill the gap for new advisers between completing their qualifications and advising their first equity release client.
Advisers will be invited to spend time with an Age Partnership adviser before a client appointment to look at preparation work and then sit in on the meeting to see the fact find and advice process. Following the appointment, the adviser will be taken through the research process and attend any follow up meetings with the client.
There is no commitment or charge for the service and advisers can choose how much of the process they want to sit in on, Age Partnership said.
The service has been previously trialled with a limited number of the retirement income provider’s referral partners and is now being rolled out to any adviser who expresses an interest.
Simon Chalk, equity release expert at Age Partnership, said mortgage advisers have expressed a keen interest in entering the equity release market but have consistently asked the same questions about the advice process.
“In the spring of this year, I presented on equity release to over 500 mortgage advisers at a series of roadshow events for the Society of Mortgage Professionals,” said Chalk. “The idea being to encourage them to start including equity release in their services to clients. The response was hugely enthusiastic but over lunch the same questions repeatedly cropped up: what should the fact-find contain? How do we research? What goes into the suitability report?”
He added: “Everyone involved in equity release wants the same thing – serious market growth. For that to truly happen it is critical that the sector attracts new business writers and doesn’t simply look to encourage referrals alone.”
