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Equity Release A Broker’s View.

Equity Release A Broker’s View. Andrea Rozario. Introduction. A brief history….. Leaping into the unknown…. In Hindsight!. Check out your competition. Look at your existing client bank Don’t underestimate the time needed for each client and the process

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Equity Release A Broker’s View.

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  1. Equity Release A Broker’s View. Andrea Rozario

  2. Introduction • A brief history….. • Leaping into the unknown….

  3. In Hindsight! • Check out your competition. • Look at your existing client bank • Don’t underestimate the time needed for each client and the process • Talk with other local IFA’s, Brokers etc.

  4. Experiences I’d Rather Forget! • Lack of communication between spouses! • Clients “forgetting” to disclose relevant facts. • Solicitors “opinions”. • Warring siblings. • Whose best interest?

  5. The Nice Bits….. • Very satisfied clients. • Referrals. • Lead on to other business. • Support.

  6. Benefits Job satisfaction Not much competition Can be financially rewarding Evolving market Helpful lenders Risks Patience/long lead in time Compliance/FSA Small market Perceptions/media attention Grey areas Benefits v’s Risk

  7. Top Tips for Brokers… • Take one of the exams. • Ensure you have the correct permissions from the FSA along with the relevant qualifications. • Study the equity release guidelines from AMI/AIFA, CML etc.

  8. Top Tips for Brokers… • Subscribe to a State benefits software package such as fintal from Ferret Information Systems • Check out MCOB chapters 8 and 9. • Research on the internet. • Use the information providers have spent the time gathering.

  9. Top Tips for Brokers… • Make sure you have factored in all your costs and time taken to arrive at a profitable fee structure. • Keep abreast of developments within the industry.

  10. Top Tips for Brokers. • Look at local demographics. • Consider your existing client bank. • Build relationships with other brokers and solicitors. • Use whatever resources you can for the client ie: FSA fact sheet “Raising Money From Your Home”

  11. How to Steer Clear of Mis-selling • Consider and record client’s attitude to all other options. • Discuss future possibilities such as re-marriage, moving, care in the home etc. • Check client fully understands what they are getting into.

  12. How to Steer Clear Of Mis-selling • Adhere to the guidelines. • Record everything. • Check for State Benefits/grants/tax. • Clear explanation of risks vs benefits and record client’s attitude to house price inflation.

  13. How to steer clear of miss-selling. • Explain what would happen in the event of a longer than expected life span. • Take into consideration client’s health. • Get the family involved – if appropriate. • Research - make sure you have recommended best product to fit client’s requirements.

  14. The Future of Equity Release. • Increasing older population/baby boomers. • Government interest? • Strong market indicators but customers wary. • Evolving industry, qualifications, checklists regulation etc. • What choice do many clients have?

  15. Make a Decision.. If it’s not for you, don’t turn away the business. Pass it on to a specialist..

  16. Thank You

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