This week’s comments were under the article: Advisers cannot just ‘dabble’ in equity release for extra cash – Star Letter 30/10/2020
John S kicked things off, saying: “Although I agree with the main comments that advisers shouldn’t dabble in any business area, I feel it is suggested that mortgage advisers in the residential market don’t need to be empathic, honest, responsible and altruistic.
“All we need to do is research on Trigold and choose the best rate – no experience or a deeper understanding of what makes the lenders tick required.”
“However, if you accept that non-equity release advisers already have these skills and apply them in their current jobs and could even be considered diligent and professional, why would they move into a new business area and act any differently?” he added.
Referring complex cases
LankyDes also weighed in, saying: “I don’t think Andy is saying that most of the people in the industry would be unsuited to it; just that they should be really serious about making it a major part of the business.
“I’m actually coming to a similar conclusion now days about protection. It is just so complex that I would rather refer it all to a specialist.”
He added: “I did one equity release ever under the grandfathering arrangement about 15 years ago. I put a lot into involving all the family in the discussions, the explanation of the deal and getting them all to sign the product confirmation letter. I also looked into the state benefits and things like that.
“I came to the conclusion after doing it that it wasn’t an area I wanted to get involved in.”