A comparison tool for advisers aimed to "unlock the full potential" of the equity release market has been launched to market.
Advise Wise — a Leeds-based equity release research and comparison site — has launched a sourcing tool to provide advisers with full market access to live rates from equity release lenders.
The app and website allows advisers to search the equity release market, using client-specific filters, and request a key fact illustration "within seconds".
It also hosts a CRM for client details and stores their equity release cases in a single system, from client notes to a document store.
The service has been developed by equity advice specialist Age Partnership and is backed by Just, Aviva and Canada Life.
Jonathan Thirkill, chief executive of Advise Wise, said: "Independent, whole of market advisers are currently responsible for a large proportion of all new equity release cases in the UK, and that proportion is only going to increase as releasing equity in homes becomes common practice for the over 55s.
“Despite this level of activity, and the huge potential for further growth, independent advisers have not had access to a single sourcing tool that provides full market access, meaning they either have to enter client details time and again to gain a full picture, or give advice that omits key funders."
Nick Brown, head of proposition management at Just, said: “I am delighted that Just is supporting the launch of Advise Wise.
"As always we are keen to support ventures which will help grow the market and give greater access to detailed information about our products.”
Martin Bamford, director of client education at Informed Choice, said equity release was a "growing market" but one which the majority of financial planners "seemed to ignore".
He added: "The equity release discussion should always form part of a comprehensive financial planning exercise, instead of being a rate-driven decision.
"But access to whole of market information about rates and lending criteria should encourage more financial planners to include equity release in their considerations."
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