Adviser videos

Our Head of Wealth Adviser Sales, Rob Miles, discusses the lifetime mortgage market and how it can be a great fit for wealth advisers and their clients.

And our Affinity Partner Relationship Manager, Sadie Russell has recently gained her equity release qualifications. Find out how she found the studying and her tips for success in the exams. 

Watch our new lifetime mortgage videos to learn more about:

  • Opportunities in the lifetime mortgage market
  • How a lifetime mortgage could help your clients
  • Getting qualified and starting to advise

Is there a place for wealth advisers in the lifetime mortgage market?

Our Head of Wealth Adviser Sales, Rob Miles, discusses the lifetime mortgage market and how it can be a great fit for wealth advisers and their clients.

Rob Miles, Head of Wealth Adviser Sales video

Transcript: Rob Miles, Head of Wealth Adviser Sales

Rob: My new role is all about using my experience in the wealth adviser market but honing it in on the lifetime mortgage opportunities that exist.

There is a real connection now between lifetime mortgages and wealth advisers. A wealth adviser will typically take their client through the accumulation of funds up to retirement and then de-accumulation. The lifetime mortgage market fits perfectly with that.

If an adviser is talking to a client around retirement income and how to maximise that, probably their first or second largest asset will be their property. If that is not being included as part of that conversation, the client could be missing out on a real opportunity to increase their income they have.

Therefore, the wealth adviser and lifetime mortgages fits perfectly together.

Wealth advisers are interested in this market because the market is growing rapidly; there is huge opportunity both for the adviser and for, more importantly, for the customer.

In order for wealth advisers to get into this market, first and foremost, they would need to ensure they have the right permissions and qualifications to advise on equity release.

Once they’ve done that, there is lots of support from companies like Legal & General where we can discuss with advisers the opportunities that exist, how best to look at their client bank and where to focus their activities in order to maximise the opportunity that exists for them.

If an adviser does not want to obtain the permissions to sell lifetime mortgages, there are advisers right across the UK who are already in the market and it’s very easy to set up a collaboration where referrals could be put into that adviser firm, as a wealth adviser may do already with other products.

The challenges that wealth advisers will find is that it’s probably a market they haven’t looked at before. Because it’s been typically the mortgage market, it may have gone under the radar and not been part of their advice process.

What has surprised me most is the opportunities that exist.

You know, whether it’s funding for more income in retirement, whether it’s going on the dream holiday, the world cruise that perhaps customers never thought they’d be able to afford, cascading wealth through generations to really help grandparents see grandkids get on the housing ladder for the first time when perhaps that didn’t look like it was going to be possible.

But they’re just to name but a few. The wider you open your mind to this market the better because it’s endless in terms of what lifetime mortgages can be used for. 

At the end of the day that money belongs to customers, it’s bricks and mortar, it’s an asset that’s sitting there that they’ve spent their life paying their mortgage off for, why not tap into it to help them have a better lifestyle.

Thinking of getting qualified to advise on lifetime mortgages?

Sadie Russell, our Affinity Partner Relationship Manager, has recently gained her equity release qualifications. Find out how she found the studying and her tips for success in the exams.  

Sadie Russell, Affinity Partner Relationship Manager video

Transcript: Sadie Russell, Affinity Partner Relationship Manager

Sadie: So I’ve worked for Legal & General for 12 years now and in April 2016 I heard about the Legal & General Home Finance business which sounded like an exciting and evolving part of the business to be in, so I made the move across and the rest is history. In my role I look after our relationships with external partners.

So I’ve recently taken my equity release qualifications. I had to start from scratch, so I took the CF1 module first which is all about regulation and ethics. Following that I took the CF6 which is around mortgage advice and then once I’d done that one I took the ER1 which is the equity release module.

I decided to take the qualifications to embed what I’d learned since joining the Home Finance business and also to learn more about the market and the wider financial services sector.

Being qualified it gives me more credibility in my job when I’m talking to people about what we do, it just gives me that extra level of credibility.

So the hardest thing about taking the qualifications was probably the first module, the CF1, that’s all around regulation and ethics in the wider financial services arena.

So there’s a lot of stuff in there that I’d not come across before and whilst it was quite challenging, actually it was quite interesting, so things like taxation and things that I’ve never been exposed to so I got to learn about those which was quite interesting.

So the practical exams, you get one exam for each module which typically take around two to three hours each.

You go along to a test centre and you take the exam online, they’re multiple choice, so you do have to be careful you’ve read the question correctly because I think they do try to trip you up a little bit there.

You need to get 70% to pass so you can afford to get a few wrong, but they are generally straightforward if you’ve done your homework.

Once you click the submit button you get your result immediately so you get told if you’ve got a pass or a fail and then you get your postal results about 10 days later and that comes along with your certificates if you’ve passed.

So leading up to the exam I’d set aside around two hours a week for studying. With my role I have to do quite a bit of traveling so if I was going on a long train journey I’d take the study text with me and do some extra learning then.

As we got closer to the exam I’d try and fit in a bit more and the online study mate exams are a really good way of embedding the learning as well so I’d make sure that I completed those at the end of each chapter and then revisited them again closer to the exam.

I would definitely recommend that advisers get qualified. Whilst they can introduce business to other firms that are qualified they then run the risk of giving their client away to somebody else. So I would definitely suggest that they take the exam themselves and advise themselves.

There’s never been a better time to get involved in this market, it’s growing massively, everyone’s getting older, there’s massive untapped opportunity. Advisers will have customers that are aged over 55 which these products are designed for.

So these products are no longer an area of last resort. They help people improve their lives. They could spend the money on things like home improvements, clearing existing mortgages, going on holiday, or even gifting money to children and grandchildren to help them get on the property ladder.

The qualifications definitely help advisers get prepared to go out there and advise on these products but there is still work to be done following the exams as the next thing that they should do is familiarise themselves with the different product providers that are out there.

There’s only a few so they could speak to the providers themselves or there are some really good mortgage clubs out there which will help advisers place business.

There’s also lots of industry events that go on up and down the country that advisers can go along and attend and they’re really good networking opportunities.

They can speak to the product providers, ask all their questions and learn about the products that are available and also about the wider market place.

A lot of those events are usually CPD accredited as well, so that’s really good for them. And recently Legal & General have started doing breakfast briefings as well that advisers can come along to and learn about our product offerings and the wider market, and again, those are CPD accredited.