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Only registered users can post comments. This equity adviser course is split into two units and assessed within one module. Equity release is becoming more popular among older homeowners. 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 … 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. Broker: LV= Adviser Survey Reveals Equity Release is Becoming the Norm 3 October 2019 alastair walker News 0 As governments of all political hues seem keen to bounce the State pension/retirement age further down the line, to aged 70 or beyond perhaps, there’s no doubt that many property owners will face the prospect of selling a portion of the family home to boost a meagre … This is the case even if the debt has become larger than the property value. It helps you build your business, service clients and generate sustainable income. Our new online portal is designed with the adviser in mind to help you place and manage more of your Equity Release business efficiently with LV=. Proc fees on equity release can be anywhere between 1 and 2.25 per cent, reflecting the fact the research process is more time-consuming than that for mainstream home loans. The study materials and exams cost a few hundred pounds in total, with the LIBF exam at £200 and the CII option at £190. They will review your personal circumstances and see if there are any possible alternatives. In addition to developing advisory skills, the Certificate offers an understanding of equity release regulation, products, market practice, and customer needs. Advisers should be honest with you about this loan. More and more people will need to release equity in one way or another. ... Find an adviser with an equity release qualification on the Equity Release Council member directory opens in new window. 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. A full time financial adviser is likely to work 35-40 hours per week and earn £25,000 - £35,000 p/a. He is well known in the sector, having worked in equity release advice since 1998, most recently at Key Retirement Solutions. 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. These advisers are still permitted to be paid by commission on any mortgage or equity release product they sell. In just one short year as an independent Equity Release Supermarket adviser, she has established herself as a firm favourite amongst her clients - and a beloved member of our team. We want to be a top-ten equity release adviser in six to 12 months, and then top five as soon as we can after that.”. However, if your specific situation calls for equity release, the adviser will recommend it to you. 1. Key Retirement passes 50 per cent of the procuration fee it receives back to the broker when referrals complete. Our website uses cookies to improve your user experience. Sign up today and make your voice heard. If you're close to 55, you may feel like you're in a position where you can wait until then. 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. “During one of my visits to an 84-year-old gentleman, it became apparent that he had problems. Equity release requires paying off any existing mortgage. 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. […], Figures from Key Retirement show that in the first six months of 2018, £1.71bn was released through the UK’s equity release market – the equivalent of £9.5m a day. 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. 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. Advisers who deal with: Mortgages and equity release. But those with experience of equity release advice say passing exams is just the beginning; achieving and maintaining real competence takes far more time and effort. Over the coming months, we hope to set up an academy to train even more advisers. With experience, you could manage a team of mortgage advisers, or you could choose to become a self-employed independent adviser. Equity release is becoming more and more popular in later-life planning. Equity Release is a means of releasing equity from your property in later life (minimum age 55years). Being … Equity release … […], Proposals set out by the Prudential Regulation Authority concerning capital requirements for companies providing equity release mortgages have raised concerns in some industry quarters. 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." To understand the features and risks ask for a personalised illustration. There is huge growth potential and the market is only scratching the surface. This protects the providers in ensuring the product being recommended is best advice for their customers needs. Things you need to know about equity release. Only advisers holding membership of the Equity Release Council promise to follow our stringent Statement of Principles for your added peace of mind. To find out more about Sue’s journey to becoming an equity release adviser and her first year in … They then enable people (usually retirees) to access equity/capital that is locked up in their properties. It is a significant risk involving your property. Some of the networks, for example, will only allow advisers to carry out equity release business if they have a certain minimum number of cases a year. It can affect your benefits. Equity Release Advisor £20,000 - £30,000 - OTE £55,000 - £60,000 Cardiff Enjoy first rate … and have at least 12 months mortgage or equity release placement experience. If you continue browsing, we assume that you consent to our use of, FCA redefined retirement interest-only mortgages, Equity release consultation paper raises industry heckles, Equity release totals almost £10 million a day, Five things you should know about… equity release and later-life lending. 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. It has become increasingly popular way for retirees to access tax-free cash to boost pensions, fund home improvements or for holidays with no need to pay the … It is not about volume or seeing 10 clients a day. Paterson argues that equity release advice should be conducted face-to-face and says he always visits clients in person. Meanwhile, plenty of other brokers, even those who have passed their equity release exams. However, the advice from those already experienced in this market is clear: tread carefully and, if in doubt, seek partnerships with other skilled professionals who can help to guide you along the way, The Equity Release council has released lending figures for Q2 this year, showing that homeowners released a total £971m from April to June. Advisers recommending equity release products must also have a specialist qualification in equity release. 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. Equity release might seem like a good option if you … Get advice from a fully qualified and experienced equity release adviser. The amount you will earn once you become a financial adviser depends on the career path you choose. He says: “We help the adviser understand all the relevant elements so they are well rounded. News and expert analysis straight to your inbox. Equity Release has evolved in recent years. For those who have passed their equity release exams and want to start building a business in the sector, there is support available. The amount you will earn once you become a financial adviser depends on the career path you choose. Apply to Equity Release Adviser jobs now hiring on Indeed.co.uk, the world's largest job site. They will review your personal circumstances and see if there are any possible alternatives. A full time financial adviser is likely to work 35-40 hours per week and earn £25,000 - £35,000 p/a. Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. Mortgage advisers must have specific mortgage qualifications. The level 3 Certificate in Equity Release meets the FCA’s requirement for mortgage advisers and those advising on equity release schemes. With any form of equity release, have your independent financial adviser or mortgage broker explain the risks to you in detail, including how much it could cost your family in the long term, and whether downsizing might be a better option. The directly authorised broker, founded by Dominik Lipnicki and Martin Wade, has recently hired David Forsdyke and Kevin Stelfox to look after this side of the business. Each module is supported by self-test questions and answers, helping you to assess the knowledge you’ve gained. reversion application without the customer receiving professional advice from a qualified equity release adviser. Apprenticeships In England. 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. Experts say both options are equally good and it should take only a few weeks to prepare if studying full-time, or slightly longer if juggling alongside work. 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. 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. Equity Release Supermarket's recommended panel of solicitors all specialise in equity release and can do this over the phone. Stelfox joined as an adviser development manager to run the telephone-based advice team. But there remains debate on whether brokers can provide the best advice to borrowers without analysing the products alongside lifetime mortgages. There are no repayments to be made as the equity (usually up to 40% of the property value) is reclaimed by the lender on your passing, or that of the second applicant, whichever is last. ... "First and foremost, it is important that you speak with a qualified adviser who belongs to the Equity Release Council. When I asked if he had any family nearby, he said his parents lived just around the corner and it dawned on me how very, very careful we need to be when working in this important area of financial services.”, Few in the industry would deny the growth potential that good equity release advisers look set to enjoy. PA is dedicated to championing professional advisers. Set up a meeting with an adviser and ask appropriate questions to help you make up your mind. The Equity Release Council’s figures show homeowners withdrew £10 million in housing wealth every day in Q1 this year compared to just over £4m a day over the same three months of 2016. Equity release is a means of retaining use of a house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.. Most recently, he was head of compliance at Retirement Advantage, and he was also a member of the ERC’s standards board for two years, where he maintains an advisory role. Mirfin says: “If you go back 10 years, a lot of people did the exams but many have not been able to generate the level of activity they wanted, so they refer to us instead. to improve your user experience. The Certificate in Regulated Equity Release (CeRER) is an RQF level 3 qualification accredited by Ofqual and awarded by the London Institute of Banking & Finance. Our national team of equity release advisers would be more than happy to meet you in the comfort of your own home or talk more over the phone - … 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. The broker has already signed a deal with a major trade union, as yet unnamed, to provide equity release advice to its members. It is also a way of getting money from your home to enable you to pay off debts, improve your living conditions, or buy the things you’d like; holidays, new car, home repairs, the chance to travel and see relatives. “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.”. Before the meeting takes place you should double check that the equity release adviser is regulated by the Financial Conduct Authority and is permitted to advise on equity release. In 2018, LV= saw a 77% rise in sales and the overall equity release market was worth £3.9bn. If an application is received without advisor details, it will be returned or the client referred to where they can find an equity release advisor, for example the Equity Release Council website. Types of equity release explained What qualifications do you have? Register today to receive our range of news alerts including daily and weekly briefings. This compares to the £1.25bn of property wealth that was released within the same period last year – 37 per cent growth. Access your subscription from outside of the office, Get relevant news and insight straight to your inbox. Membership Fees - Financial Advisers. You may also receive benefits such as a car allowance, pension and bonuses and have the potential to boost your pay with commission. Is equity release for me? 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. The majority of advisers (61%) believe it is “likely or more likely” equity release will become a mainstream product within five to 10 years, research by LV= has revealed. ... one of the Equity Release Council standards states if the interest rate is variable there is an upper-limit ‘cap’. Access Equity Release is in the process of recruiting advisers and will have 10 in place by next month. Equity Release Council Guarantee. Fastest growthEquity release is the fastest-growing mortgage sector, displacing buy-to-let remortgages for the first time last year. The market has had double-digit growth for five consecutive years and could break through the £3bn barrier in 2017 after more record numbers reported in […]. The Later Life Academy helps brokers new to the world of lifetime mortgages to gain a better understanding of all the other advice considerations that need to be taken into account when speaking to a client about equity release. You can release it as a cash lump sum, small instalments or a combination of both. 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. Have your say 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. In March, the FCA redefined retirement interest-only mortgages as mainstream home loans that no longer require brokers to have specific equity release qualifications. Gain a better understanding of equity release regulation. 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.”. Applications from Adviser firms are welcome subject to the following criteria. Applications from Adviser firms are welcome subject to the following criteria. Delivered online over two half-day sessions, the Multi-Asset Masterclass will look to provide a case for multi-asset investing as well as an outlook for the sector over the year ahead. For those wanting to tap into this market, the exams are not the main barrier to entry. He says: “We are looking at launching a series of training initiatives, primarily with lenders that do retirement interest-only mortgages. Apply to Equity Release Adviser jobs now hiring on Indeed.co.uk, the world's largest job site. Teesside Money director Steve Paterson is concerned about the equity release market being overwhelmed by novice advisers who could damage the good reputation that the sector has fought so hard to rebuild after previous scandals. Sign up to receive email alerts about our events. Registered in England and Wales with number 06439194, Registered office at 7th Floor, Vantage London, Great West Road, Brentford, England, TW8 9AG, News & analysis delivered directly to your inbox There are no repayments to be made as the equity (usually up to 40% of the property value) is reclaimed by the lender on your passing, or that of the second applicant, whichever is last. Get advice before you do it. 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. Areas of Expertise I have quickly picked up our processes and lending criteria and am fully confident with supporting advisers with lending enquiries. You can find one at Unbiased.co.uk, VouchedFor or the Equity Release Council. Therefore, you need to speak with advisers who will tell you what to do. We release equity … But equity release can be an expensive way to borrow. Speak to an independent mortgage broker or financial adviser with an equity release qualification to find the best deal. Knowledge is assessed in a 2-hour multiple choice exam. Our website uses cookies to improve your user experience. He presented on the phone very well but when we met it became evident that his memory was failing. 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. Equity release products, meanwhile, play a slightly different role. In addition to developing advisory skills, the Certificate offers an understanding of equity release regulation, products, market practice, and customer needs. Welcome to our equity release exam-revision support. The level 3 Certificate in Equity Release meets the FCA’s requirement for mortgage advisers and those advising on equity release schemes. The new portal presents you with an innovative solution to a faster and intuitive process, helping you … Be the first to hear about our industry leading conferences, awards, webinars and more. How equity release works. Mr Wilson said adviser firms also received commission from equity release lenders as a percentage of the loan size, meaning they did not need to charge customers in this way as well. © 2019 Metropolis Group Holdings Limited and / or its subsidiaries and licensors. These are the benefits of choosing an equity release adviser… Always act in the best interests of the client, treating them fairly in all actions. We also recommend that your adviser is a member of the Equity Release Council. Simon Chalk, of adviser firm Later Living Now, said customers should also ensure their adviser is independent and can offer equity release plans from across the market. Otherwise there’s a danger that, if they work in silos, they will ignore other product areas to the detriment of their client, which could have drastic ramifications.”, Wilson is also concerned that advisers who offer retirement interest-only mortgages to their clients should have a similar awareness of these issues. 3. You can get a very good idea of how much equity you can release by visiting the Moneymapp.com website and filling out the equity release calculator. The average amount rose […], Stuart Wilson offers some key insights into equity release and later-life lending. 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. You may also receive benefits such as a car allowance, pension and bonuses and have the potential to boost your pay with commission. 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 … Current opportunities. As the voice of the adviser community, our content generates robust debate. We release equity on more property types than many other lenders. We strongly feel that there is a potential horrible consumer danger, and I’m playing devil’s advocate here, that customers could get advice on a retirement interest-only mortgage without getting information about equity release, hybrid solutions or bridging finance.”. If you continue browsing, we assume that you consent to our use of cookies. Research and insight Equity Release Wise – they focus on the management of Private Equity closed-end funds investing in small and medium sized companies. Since it’s a secured loan, it’s not necessarily the first advisable loan. Equity release. The aim of the council is to protect you, the customer, and we share their principles: Act at all times in utmost good faith. You could also take further qualifications to become a financial adviser. The decision to release equity from your home is obviously a big one, so it’s important you talk through your needs in detail with a financial adviser or broker. 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. Membership Fees - Financial Advisers. Are you seeking an Equity Release Advisor position in Scotland to work with an established … In this Equity Release Advisor role, you will be passed enquiries from various sources … Equity Release Requirements Must be a current Equity Release Advisor within minimum 12 … Equity Release Advisor Benefits Self-employed role with OTE of £55,000 To help Equity … The Certificate in Regulated Equity Release (CeRER) is an FCA-approved level 3 qualification. Mortgage Strategy Events The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. Equity release is a range of products that allow homeowners over 55 to access and release the cash that’s tied up in their property. This is due to the high cost of generating leads and the fact that, unless a broker is regularly advising on a decent number of equity release cases, it is difficult to maintain competency and up-to-date product knowledge. 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. By commission on any mortgage or equity release meets the FCA redefined Retirement interest-only mortgages her first in. Cent of the Budget speech, the world 's largest job site from Certificate... Is in the sector, having worked in equity release is becoming more popular later-life! Release schemes must be repaid at a later stage, usually when the homeowner.... Visits clients in person you to assess the knowledge you ’ ve gained from Certificate. Our Privacy Policy process of recruiting advisers and will have 10 in place by next month average. 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