The platform was launched at the Mortgage Solutions Later Life Lending Event at the Royal Garden Hotel in London.
Speaking at the launch, Chris Flowers, head of sales at Advise Wise and head of intermediary sales at Pure Retirement, said one problem advisers faced when entering the equity release market was the complexity of options available meant it became a “minefield” once they qualified to advise on products.
He added: “To break that down, the one issue we feel can we can reach others in the industry is through a brand new whole of market sourcing tool.”
The free online platform, which was created to complement existing sourcing tools, includes offerings from all later life lenders including Aviva, making it the first time advisers will be able to view the provider’s offering outside of its own service.
Flowers said the tool would also open up the market to advisers who only complete a few cases a year due to its usability.
He added: “When we look at the later life or equity release arena, there’s been barriers that have been artificially put there. It’s really difficult for advisers to be able to know they’re recommending the right product.
“There are some great tools already out there, we just think we can offer simplicity and really help drive the other players in the marketplace to have all of us work together.”
Live rates supplied
The technology, which has been developed by Age Partnership over the last 15 years, enables users to request and receive key facts illustrations in a single place, has a single client customer relationship management system to store client details, and a secure online document store for each client case.
Advise Wise will also provide live rates as it feeds the data in from lenders’ current online systems.
The company is headed up by Jonathan Thirkill, son of Pure Retirement’s co-founder and chairman Andrew Thirkill.
Pure Retirement directors Andrew Thirkill, Jonathan Simpson and Timothy Loy are also named directors of Advise Wise.
The firm told Mortgage Solutions that through his connections, Jonathan Thirkill used intellectual property from Age Partnership and Pure Retirement to help build the sourcing tool for equity release advisers, which he hopes will lead to more accurate solutions for their clients.
“This collaborative approach is supported on launch by Just and supported by the likes of Aviva and Canada Life in an aim to improve and grow the equity release market,” it added.
Unlocking the market’s potential
Jonathan Thirkill (pictured), CEO of Advise Wise, said: “By putting everything, including Aviva’s flexible rates, in one sourcing tool, we really have unlocked the full potential of the equity release market for independent advisers.
“There are other sourcing tools available for independent whole of market advisers, and while I’m confident Advise Wise outperforms them both technically and in terms of ease of use, the inclusion of live medically enhanced Aviva flexible rates is a significant development for the market.”