"We need a comprehensive system"
Advise Wise, the later life sourcing platform, recently launched its fact find and suitability letter system in the wake of the Financial Conduct Authority’s (FCA) review of the equity release market – becoming the latest platform to update its services.
But why are these steps being taken now, what is the appeal of end-to-end solutions and what technological advancements do brokers actually want? Mortgage Introducer reached out to an adviser to find out.
Why is it important for networks to update systems?
Simon Bridgland (pictured), broker and director at Release Freedom, said many of the processes and systems mandated by networks for mortgage advising and arrangement often exhibit inefficiencies, appearing somewhat clunky and ill-suited for the task.
“A recurring issue is the attempt to fit diverse product types into software not originally designed for such purposes,” he said.
Some networks, Bridgland said, rely on rudimentary, non-end-to-end systems, leaving room for errors and omissions. The challenge arises, he added, when networks attempt to shoehorn various mortgage products into software that lacks tailored functionality.
This mismatch, Bridgland said, can result in a less-than-optimal user experience and potential complications in the advisory process.
“Networks employing basic systems face the risk of open-ended errors and oversights, highlighting the importance of robust end-to-end solutions,” he said.
What is the appeal of end-to-end solutions for brokers?
The appeal of an end-to-end package, Bridgland said, becomes evident when it aligns with the specific product it is designed for, creating a simplified and linear user experience.
This design minimises complexities, fostering a smoother advisory journey; an additional advantage lies in the capacity to incorporate copious notes in relevant areas, enhancing the overall functionality of the system.
“As an Appointed Representative (AR) in the field, I find myself looking with envy at Directly Authorised (DA) advisers who potentially have access to superior tools,” he said.
The allure of a new piece of kit capable of streamlining and securing the advice-providing process, Bridgland said, is undeniable.
He added that the desire for a more user-friendly and error-resistant system is a shared sentiment among ARs, with the hope of bridging the gap between the systems available to different types of advisers.
What technological advancements do brokers want?
“In the realm of later life advice, my aspiration is to access a comprehensive system that seamlessly integrates traditional, retirement interest-only (RIO), and equity release (ER) products,” Bridgland said.
The current landscape, Bridgland said, often necessitates navigating multiple systems for varied product types, creating inefficiencies and potential sources of confusion.
A unified end-to-end system that allows for the selection of products across the entire spectrum, he said, would enhance the efficiency and effectiveness of providing later life advice.
“In essence, the quest for a more advanced and adaptable technological solution is a universal aspiration among mortgage advisers, especially those operating as ARs,” Bridgland said.
The ideal system, he added, transcends the limitations of basic, non-end-to-end setups, offering a seamless and error-resistant experience.
“The envy of DA advisers stems from the perceived advantages of having access to tools that cater specifically to their needs, a sentiment shared by many ARs aspiring to elevate the quality of their advisory journey,” Bridgland said.
In conclusion, Bridgland said the need for sophisticated and tailored systems in mortgage advising is a pressing concern within the industry.
“The dream of a unified, end-to-end solution that accommodates various product types reflects a collective desire for enhanced efficiency, reduced errors, and a more seamless advisory process,” he said.
As technology continues to advance, Bridgland said, the anticipation for tools that elevate the mortgage advisory experience remains a driving force for industry professionals.
What technological advancements would you like to see in the later life market? Let us know in the comment section below.
