Interview: Les Pick of more2life, winner of Provider of the Year, Later Life Lending Awards 2022

Les Pick, director of manufacturing and adviser propositions at more2life, talks to The Intermediary following the firm’s award win at the Later Life Lending Awards.

Congratulations on winning Provider of the Year at the inaugural Later Life Lending Awards, how important is getting this recognition to you?

At more2life we have worked really hard throughout 2023. We have invested in new staff and processed more cases than ever before.

We have delivered new products and pushed hard to deliver the highest LTVs and lowest interest rates.

Taking all this into account we are absolutely delighted to win Best Provider of the Year because we feel that it recognises all of the hard work that has gone into delivering such a great product proposition.

What do you think sets your business apart from others in the field?

For me it’s the size of the product range. We have products to suit all circumstances and have been delivering great value to consumers in all types of situations.

The “power of the panel” is something that advisers really buy into. If they apply on one product but something changes in the application process, we are often able to assist the adviser and consumer by smoothly moving them another product in our range.

How important is it to recognise achievement in the sector?

People across our sector work so hard to help consumers throughout the year. Whether you work in manufacturing or distribution, the desire is the same, how can we help people to have a better retirement? How can we help our customers? I see this ethos across the sector so to recognise people or companies at the end of a year of hard work isn’t just a nice thing to do, I believe it’s an essential thing to do.

Looking ahead how do you see the next 12 months playing out for the later life market?

I strongly believe that 2023 will be a solid year for the sector. Needs based customers will need us more than ever as the cost of living crisis continues to bite.

My personal belief is that we will still see business from high net worth customers but they are likely to be using the capital in different ways from before.

I have no doubt that the bank of mum and dad / nan and grandad will be needed more than ever. An early inheritance could provide much-needed funds for some families as the UK tries to circumnavigate high levels of inflation and high interest rates for the first time in many years.

What advice would you give to someone looking to join the market?

Talk about equity release as often as possible. If you work in the sector or are new to it, the most important thing to do is talk about how a lifetime mortgage works to as many people as possible.

There is still a huge level of education to do amongst professionals and consumers. Most people don’t know what a lifetime mortgage is or how it works.

Many people when asked to describe equity release will probably describe a home reversion scheme and will also tell you that you lose all of the equity in your home.

The most successful financial advisers in this sector are quite evangelical about their work and how they help their customers to have a better later life.

My recommendation is that advisers throw themselves into the sector, lean on the lenders, the ER Council and AiR to learn as much as possible and then talk to everyone about what equity release is and how it works.

How do you rate your chances of defending your win next year?

I am confident that 2023 will be even better than 2022 from a more2life perspective.

The investment in people during 2022 will provide a solid foundation for service in the new year and our funders are keen to deliver big volumes and great value in 2023.

If we can deliver innovation as well as great value and service, we should be in a very strong position to defend our position and win the award again.

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