The system aligns with the FCA's recommendations and follows the ERC’s best practices checklist
Later life sourcing platform Advise Wise has officially launched its fact find and suitability letter system in the wake of the Financial Conduct Authority’s (FCA) review of the equity release market.
The system aligns with the regulator’s 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.
The new system, which has been in pilot for several months and is now available to all members for free, includes a large variety of integrated tools to help advisers determine the most suitable equity release options for their clients.
Mandatory income and expenditure evaluations are included in the system to fully assess clients’ needs covering both ongoing debts and disposable income, while the integration with an entitled to benefits calculator tool allows advisers to check state benefits eligibility and ensure clients receive all the financial assistance they are eligible for.
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, ensuring they can identify and address any potential vulnerabilities in the clients’ financial situations.
“The Advise Wise fact find and suitability letter system sets new standards in client assessment and guidance for equity release advisers,” commented Benjamin Wells (pictured), head of product and development at Advise Wise. “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, and a dynamic assessment of medical conditions to secure the best rates for clients.
“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.”
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