Worryingly, the current push towards flooding the market with newly qualified, inexperienced advisers, who are being encouraged to approach consumers and conclude business by phone and or mailshots, may undo a lot of this recent good work.”. Equity release is only available to those aged 55 and over. As one of the UK's most established and trusted equity release lenders, with over 20 years' experience, we've helped over 250,000 people release more than £8 billion. All lenders have a full record of who has the correct certification to broker equity release schemes and it is checked upon receipt of any application. Yet with equity release lending in the first quarter at more than double the level seen during the same period two years ago, the sector is rapidly becoming too big a force to ignore. Equity release. This is the case even if the debt has become larger than the property value. Register today to receive our range of news alerts including daily and weekly briefings. The amount you will earn once you become a financial adviser depends on the career path you choose. But even for those brokers who decide against taking these extra exams, there are plenty of referral opportunities that will generate an extra income stream while also ensuring that clients get the most appropriate specialist advice for their needs. But brokers who have done the qualification do not see that as a waste of time because it means they are still able to engage with customers really well. Set up a meeting with an adviser and ask appropriate questions to help you make up your mind. As one of the UK's most established and trusted equity release lenders, with over 20 years' experience, we've helped over 250,000 people release more than £8 billion. Equity release is becoming more and more popular in later-life planning. There are two models, face to face and telephone advice, both aimed at protecting the interests of the customer leading to the most appropriate and correct solution for each individual enquiry. Equity release requires paying off any existing mortgage. It is about taking the time to make sure that you provide what the client needs and deliver the right advice.”, He is ambitious for the new venture. If equity release is the right option, they’ll provide a recommendation of the type that best suits your requirements. Equity Release Supermarket's recommended panel of solicitors all specialise in equity release and can do this over the phone. Equity Release Supermarket – founded by Mark Gregory in 2008, in a few years has grown to become one of the leading equity release advisory services. However, if you're a homeowner in more pressing need, it's worth speaking to a mortgage broker about the possibility of remortgaging, or even contacting a financial adviser if your situation is particularly complicated. Sign up today and make your voice heard. By September, the directors hope to double this number to 20 brokers, some of whom will offer telephone-based advice and others will be on the road to visit clients in their homes. Membership Fees - Financial Advisers. To understand the features and risks ask for a personalised illustration. The study materials and exams cost a few hundred pounds in total, with the LIBF exam at £200 and the CII option at £190. In 2018, LV= saw a 77% rise in sales and the overall equity release market was worth £3.9bn. News and expert analysis straight to your inbox. Meanwhile, plenty of other brokers, even those who have passed their equity release exams. Applications from Adviser firms are welcome subject to the following criteria. The aim of the council is to protect you, the customer, and we share their principles: Act at all times in utmost good faith. Membership Fees - Financial Advisers. The level 3 Certificate in Equity Release meets the FCA’s requirement for mortgage advisers and those advising on equity release schemes. Equity release products, meanwhile, play a slightly different role. ... Find an adviser with an equity release qualification on the Equity Release Council member directory opens in new window. Mike Barrett takes a look at the ways advisers and platforms have adapted and coped with a rapidly changing world in 2020 - and then takes a look at what 2021 might have in store... © Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013, Digital publisher of the year 2010, 2013, 2016 & 2017, Professional Adviser Multi-Asset Masterclass 2021, Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget', FCA sounds alarm on equity release advice, Fairstone takes majority stake in mortgage advisory business, Spring Statement 2018: 60,000 first-time buyers get stamp duty boost, Just 387 stamp-duty exempt properties in inner London, Quilter CEO Feeney to chair FCA Practitioner Panel, Fairstone adds eight advisers in latest deal, Less than two weeks to enter PA Awards 2021 - deadline 8 January, Update: Link completes Woodford-Acacia deal as LF Equity Income value reduces after Ombu deal, Mike Barrett: Reviewing a tough 2020 for advisers and platforms - and looking ahead to 2021. Independent financial adviser firm Hoxton Capital Management, which crunched up the numbers, said that these calculations take into account the average equity release cost at … After deciding this was an area I enjoyed more than pensions, I was successful in becoming an Equity release Sales Consultant in September of 2018. It is studied in two units which each culminate in a multiple choice test: – Unit 1 – Fundamentals of Equity Release (FOER) – Unit 2 – Equity Release Solutions (EQRS) You’ll need a Certificate in Equity Release to meet the FCA’s requirement for mortgage advisers and those advising on equity release schemes. The boom in equity release lending and the recent flurry of activity in the retirement interest-only space has left many mainstream brokers wondering whether it is worth taking the specialist qualifications needed to advise on lifetime mortgages. Amid growing demand for equity release lending and RIO mortgages, we investigate why there is much more to becoming an equity release adviser than passing the necessary exams. Access Equity Release is currently a trading style of YMD, but there are plans to spin it off into a separate company. You may also receive benefits such as a car allowance, pension and bonuses and have the potential to boost your pay with commission. A full time financial adviser is likely to work 35-40 hours per week and earn £25,000 - £35,000 p/a. What to expect from the certificate Develop your advisory skills. It helps you build your business, service clients and generate sustainable income. […], Proposals set out by the Prudential Regulation Authority concerning capital requirements for companies providing equity release mortgages have raised concerns in some industry quarters. They will review your personal circumstances and see if there are any possible alternatives. Vanessa Owen, head of equity release at LV=, explains the opportunities in the equity release market and what it takes to be an adviser in the sector. In addition to developing advisory skills, the Certificate offers an understanding of equity release regulation, products, market practice, and customer needs. The new smarter portal fits around your business needs by providing you with 24/7 access and the flexibility to support your clients when they need you most. We also recommend that your adviser is a member of the Equity Release Council. Apply to Equity Release Adviser jobs now hiring on Indeed.co.uk, the world's largest job site. Forsdyke, who is the development manager for the new equity release business, has worked in both the advice and lending side of the sector as well as at the FCA, where he was a senior associate. The new portal presents you with an innovative solution to a faster and intuitive process, helping you … One firm venturing into this arena for the first time is Your Mortgage Decisions, which Mortgage Strategy can exclusively reveal has just launched a specialist arm called Access Equity Release. You can find one at Unbiased.co.uk, VouchedFor or the Equity Release Council. “With the introduction of RIO mortgages, they can ensure they have a good handover if passing clients over for a lifetime mortgage when that is more suitable.”. He says: “This is a specialist field, in which many clients are potentially vulnerable, which is why the current trend to seek work in the sector concerns me. Areas of Expertise I have quickly picked up our processes and lending criteria and am fully confident with supporting advisers with lending enquiries. As part of the Budget speech, the chancellor announced the launch of a formal consultation on the structure of UK pensions tax reliefs. Lipnicki says: “It’s all about setting up life-long relationships with clients. Job Title: Equity Release Adviser Industry: Financial Planning Location: Leicestershire … They are looking to recruit an experienced Equity Release Adviser to join the equity … for a confident relationship builder and equity release adviser to develop a long-term … The Society of Later Life Advisers (SOLLA) is launching a new standard to help consumers find specialist equity release advice and broaden the skill set of the average adviser. Equity release is becoming an increasingly mainstream proposition, ... according to over-55s specialist adviser Key. Therefore, you need to speak with advisers who will tell you what to do. ... "First and foremost, it is important that you speak with a qualified adviser who belongs to the Equity Release Council. Amid growing demand for equity release lending and RIO mortgages, we investigate why there is much more to becoming an equity release adviser than passing the necessary exams. Only advisers holding membership of the Equity Release Council promise to follow our stringent Statement of Principles for your added peace of mind. Each module is supported by self-test questions and answers, helping you to assess the knowledge you’ve gained. A full time financial adviser is likely to work 35-40 hours per week and earn £25,000 - £35,000 p/a. As such, we’re organising another round of our in-demand workshops for 2019, supporting those who aren’t yet qualified to get the training they need to tap into the product’s growing popularity." Access Equity Release is in the process of recruiting advisers and will have 10 in place by next month. Applications from Adviser firms are welcome subject to the following criteria. We release equity … Equity Release Council Guarantee. In early July the PRA announced a consultation seeking views on how to provide “greater clarity” for insurers and reinsurers when assessing the risk “arising from the no negative equity guarantee”. As such, many in this demographic are turning to solutions like equity release to help boost their later life income, a fact which is clearly reflected in research from one of the UK’s leading later life advice providers, Key. For those who have passed their equity release exams and want to start building a business in the sector, there is support available. “The equity release sector is booming, and at Canada Life we have a key role to play in helping mortgage advisers meet this demand and make the most of the market’s growth. Since it’s a secured loan, it’s not necessarily the first advisable loan. The Equity Release Advice Centre are members of the Equity Release Council. The level 3 Certificate in Equity Release meets the FCA’s requirement for mortgage advisers and those advising on equity release schemes. Equity Release has evolved in recent years. With experience, you could manage a team of mortgage advisers, or you could choose to become a self-employed independent adviser. The opportunity According to the Pension Policy Institute report in September last year, the value of housing wealth owned by people over state pension age could increase by 40% on today's figure of... For assistance please contact our customer service team. Areas of Expertise I have quickly picked up our processes and lending criteria and am fully confident with supporting advisers with lending enquiries. Gain a better understanding of equity release regulation. Equity Release Equity Release Surrey, Croydon, Epsom, Reigate & Sutton & Surrounding Areas Equity Release is way to unlock money tied up in your home for people over 55. Independent financial adviser firm Hoxton Capital Management, which crunched up the numbers, said that these calculations take into account the average equity release cost at … Over the coming months, we hope to set up an academy to train even more advisers. To find out more about Sue’s journey to becoming an equity release adviser and her first year in … Get advice before you do it. Our website uses cookies to improve your user experience. Although equity release can be beneficial to many people, it’s essential that you are fully informed about the impact that it will have on you and your loved ones. Professional Adviser is once more issuing the call for adviser businesses from across the UK to showcase their knowledge, skills and commitment to client care by entering our 2021 Awards. ) to access equity/capital that is locked up in their properties and see if there are any alternatives. Amount rose [ … ], Stuart Wilson offers some Key insights into equity Council... 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