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Consumer Duty has raised the bar for responsible lending, demanding brokers and firms prioritise understanding customer needs and delivering great outcomes.
In the equity release industry, this translates into more than straightforward appointments and sourcing sessions. It's about fostering meaningful dialogue and uncovering the true story behind each client's aspirations.
Advisers who master the art of questioning hold the key to unlocking optimal outcomes for both customers and themselves. But what constitutes the right questions in a Consumer Duty landscape?
Having meaningful discussions about future plans is also pivotal. Does your customer plan to downsize? Will they require care in the future? Answers to these questions will significantly impact product selection and suitability.
And following the return of more enhanced products earlier this year, such as more2life’s Tailored Enhanced, exploring a customer’s medical history and lifestyle is as important as any other factor. By gently prompting disclosure, you open doors to greater financial opportunity for clients; particularly those looking for a max cash solution.
When customers feel heard and understood, they're more likely to engage openly and make informed decisions, fostering more trusted relationships.
In a Consumer Duty world, asking the right questions isn't just good practice; it's the bedrock of responsible and rewarding equity release advice.
There’s a plethora of information on our website about our Tailored product, but by taking the time to ask just 13 straightforward questions, you could secure your client a better customer outcome.
In the equity release industry, this translates into more than straightforward appointments and sourcing sessions. It's about fostering meaningful dialogue and uncovering the true story behind each client's aspirations.
Advisers who master the art of questioning hold the key to unlocking optimal outcomes for both customers and themselves. But what constitutes the right questions in a Consumer Duty landscape?
Going beyond the superficial
While affordability calculations are crucial, true suitability requires delving deeper. Part of that is exploring motivations. Is your client looking to consolidate debt, make home improvements, or gift an early inheritance? Each answer demands tailored solutions.Having meaningful discussions about future plans is also pivotal. Does your customer plan to downsize? Will they require care in the future? Answers to these questions will significantly impact product selection and suitability.
And following the return of more enhanced products earlier this year, such as more2life’s Tailored Enhanced, exploring a customer’s medical history and lifestyle is as important as any other factor. By gently prompting disclosure, you open doors to greater financial opportunity for clients; particularly those looking for a max cash solution.
Building trust, earning loyalty
Asking the right questions isn't just about compliance; it's about building trust and loyalty. Active listening and genuine curiosity show you care about more than just a sale.When customers feel heard and understood, they're more likely to engage openly and make informed decisions, fostering more trusted relationships.
Embracing the opportunity
Consumer Duty presents an opportunity to differentiate your practice. By becoming adept at asking insightful questions and tailoring advice accordingly, you'll build a reputation for ethical practices and superior client care. This translates to stronger referrals, improved conversions, and a sustainable business built on trust.Empowering informed choices
Remember, the right questions empower clients to make informed choices that align with their unique circumstances and long-term goals. Don't shy away from the sensitive or seemingly personal – your guidance can have a life-changing impact.In a Consumer Duty world, asking the right questions isn't just good practice; it's the bedrock of responsible and rewarding equity release advice.
Find out more about enhanced products
At more2life, we’re delighted to reintroduce Tailored Enhanced back into the market. By using our quick and simple health and lifestyle questionnaire, you could provide your client with an enhanced LTV, reduced borrowing cost, or both.There’s a plethora of information on our website about our Tailored product, but by taking the time to ask just 13 straightforward questions, you could secure your client a better customer outcome.
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