Specialist network unveils later-life advice solution
Whole-of-market later life lending business Equity Release Group (ERG) is to launch its new specialist advisor platform TERN – The Equity Release Network – on Tuesday, 19 May.
The new proposition will combine numerous adviser requirements, including compliance oversight, technology, sourcing, training and business consultancy, to support adviser firms operating within later life lending, the company said.
It will sit alongside ERG’s Equity Release Supermarket and Equitec, ERG’s technology arm which will also power the new network. Advisers will have access to tools such as smartER™, the advisER CRM, digital fact-find, research suite and advanced MI dashboards – all designed to streamline advice, enhance client engagement and drive operational efficiency, according to the company.
“Advisers now need the right tools, infrastructure and support to deliver in today’s market and keep pace with the changing demands of consumers,” said Mark Gregory, founder and CEO of ERG.
Working with the FCA
The company is currently working with the Financial Conduct Authority (FCA) to contribute to the regulator’s recently launched Later Life Mortgages Market Study, which is examining how well the later life lending market is functioning and whether it’s delivering the right outcomes for consumers.
It is sharing practical insight into how the market operates, including advice, technology and consumer engagement. This includes product suitability as well as the wider market ecosystem, practical feedback around adviser journeys, sourcing systems, operational inefficiencies, data accessibility, consumer understanding and the barriers currently impacting innovation and competition across the market.
Gregory said this came at an important time for the industry. “The market has evolved rapidly in recent years, but many of the operational requirements haven’t moved at the same pace. What consumers now need from equity release is changing, and the way firms support advisers and customers must evolve alongside that.
“Our discussions with the FCA have focused on the practical realities of how the market operates day-to-day for advisers, firms and consumers. This goes beyond products themselves and looks at the wider infrastructure, alongside the consumer journey challenges.”
