"I fell into the mortgage industry quite by accident"
Years ago, following a redundancy from his role at a small publication in London, Dan Osman (pictured) found himself navigating the job market once again. It was through a recruitment agency that he was introduced to the world of financial services. “I fell into the mortgage industry quite by accident,” he said.
Osman’s journey truly began when he seized the opportunity offered by the agency to work for HSBC’s Direct Financial Services division. It marked his initial plunge into the realm of mortgages. He subsequently honed his skills as a business development manager for a niche packager before embarking on the path of a self-employed mortgage adviser, obtaining his CeMAP in 2003.
Yet, amid the tumult of the financial crisis, Osman sought a change. Fuelled by a desire to make a difference, he pursued a degree in social work, specialising in mental health and vulnerable adults at the University of Hull. His tenure with Mind further enriched his understanding of the complexities faced by individuals navigating the benefits system and interacting with governmental and financial institutions.
However, economic upheavals prompted a return to the financial sector, where Osman ventured into property investment, both in the UK and Hong Kong. Yet, it was his keen interest in later life lending that beckoned him back to his roots.
“I had been interested in the development of later life lending for a while having spoken to friends in the industry and kept an eye on developments in the press,” he related. “I always used the yardstick of whether it would be something I would happily advise for my parents. I felt that the products and the industry had matured to the extent that this criterion was met. I started my first position as an equity release adviser.
“The learning curve over and above the exam coverage was huge, but I thoroughly enjoyed the new challenge and the clients I was meeting. Being able to take as long as was necessary with no pressure was a new experience for me in financial services and is, I believe, the only way to advise in the later life space.”
Osman’s expertise in later life lending burgeoned during his tenure at Access Equity Release in Surbiton, where he finetuned his skills as a face-to-face adviser. Guided by mentors and compliance teams, he navigated the evolving landscape of equity release, recognising its prevalence as the default advice for older clients.
“Over the years, it became clear, as was later made explicit by the FCA’s 2020 report of the later life lending market, that equity release in the form of a lifetime mortgage had become the default line of advice in many cases for anyone aged 55 and over,” he said. “This was also promoted in the media and in corporate advertising leading to clients approaching us as advisers with the preconceived idea that equity release was what they wanted or needed.”
“Our position is how can we know equity release is the answer before we fully understand the question,” Osman asserted, advocating for a comprehensive exploration of clients’ financial options. This ethos has not only garnered industry recognition but also fostered partnerships built on trust and integrity.
“I think it is my previous experience of being a social worker specialising in working with vulnerable adults that gives me a unique insight into the challenges being faced by clients as they grow older,” said Osman.
In 2022, Osman’s quest for new challenges led him to UK Moneyman, where he found alignment with a company prioritising holistic client outcomes.
“Working with Malcolm and Amy Davidson and the rest of the team at UK Moneyman has been a breath of fresh air,” he said. “It is a firm with no preconceptions and where the best outcome for each client is the overriding priority.
“So, 18 months later, we have a later life proposition to be truly proud of which has won us support from Paradigm Consulting and referral relationships with a number of firms who trust us to look after their customers and provide them with true later life borrowing advice.”
Are you a mortgage broker who also has a story to tell? Leave a comment in the discussion box at the bottom of the page, and you might get your story featured here too.
