This week our Star Letter accolade is awarded to Des Platt for his response to the post: Advisers need to skill-up or cover their backs on later life advice – JLM.
The original post by JLM commented on the distinction between equity release and residential lending, saying: “the client has pretty much decided on their product choice via their choice of adviser, and that can’t be right when the recommendation is only going to go down one route.”
In response, Platt wrote: “I can’t see how that is true. I don’t advise on equity release and have no wish to do so. But it isn’t difficult to do your fact find and then refer to an equity release adviser if that is the right option.
“In just the same way I refer to a second charge specialist if that is the right option, or to a portfolio buy-to-let specialist if that is the option.
“The vast majority of older clients I see have the pensions to service interest-only comfortably.”