Advise Wise has unveiled a system solution following the Financial Conduct Authority’s review of the equity release marketplace.
The Advise Wise Fact Find and Suitability Letter System includes a large variety of integrated tools to help advisers determine the most suitable equity release options for their clients.
Advise Wise head of product and development, Benjamin Wells, stated that the system “sets new standards in client assessment and guidance for equity release advisers".
The system has been in pilot for several months and is now available to all members for free.
This system is the industry’s only freely accessible tool that seamlessly incorporates all of the FCA’s recommendationsAdvise Wise head of product and development, Benjamin WellsThe key features of the new system include a “comprehensive” adherence to the FCA and Equity Release Council guidelines.
It also aligns with the FCA recommendations and follows the Equity Release Council’s 24-point checklist on best practices, ensuring that equity release advice is in full compliance with industry standards.
Mandatory income and expenditure evaluations are included into the system to fully assess client’s needs covering both ongoing debts and disposable income.
Dynamic medical questions are also integrated in the system to help secure “the best rates” for clients based on their health conditions and advisers are provided with a comprehensive vulnerability assessment tool.
This ensures they can identify and address any potential vulnerabilities in the clients’ financial situations.
Additionally, the system offers a “deep dive” into alternative solutions, giving advisers the information they need to make the right product recommendation and not solely focus on equity release.
Wells additionally stated: “This system is the industry’s only freely accessible tool that seamlessly incorporates all of the FCA’s recommendations while addressing critical areas such as adherence to the Equity Release Council guidelines, precise income and expenditure evaluation.
“This system is set to revolutionise equity release advice by providing a comprehensive, user-friendly, and compliant platform for advisers.
“It truly allows our users to say goodbye to manual processes and fragmented tools and embrace the future of equity release guidance.
“In addition the system comes with various flexibilities and opportunities for white labelling, making Advise Wise the only fully flexible sourcing solution in the later life market.”
Advise Wise Fact Find is fully printable and can be completed offline, online, or a combination of both to meet the meet the adviser’s specific needs.
tom.dunstan@ft.com
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