Stuart Borthwick, retirement lending specialist from HLPartnership, talks to The Intermediary about the firm’s win at the Later Life Lending Awards.
Congratulations on winning Network of the Year at the inaugural Later Life Lending Awards, how important is getting this recognition to you?
We’re so proud of winning ‘Network of the Year’ award, it’s testament to what we’ve achieved at HLPartnership in our rigorous coaching and development programme, designed to grow the skills of our advisers in the later life lending field.
Our dedicated team at HLP work closely with all LLL-accredited advisers to grow and maintain their skills to ensure that they’re giving clients the outcome that fits their specific circumstances, and to win this award really helps demonstrate to aspiring advisers that HLPartnership is the stand-out network of choice to partner with in order to excel in the Later Life Lending field.
What do you think sets your business apart from others in the field?
At HLPartnership, we’re a technology-focused network that really does care about its members and their clients.
We combine a range of industry-leading technology with a thorough training & development programme to monitor member cases and provide proactive feedback and coaching on a regular basis to ensure that members adhere to a high standard, and continue to embody the best practice of the HLPartnership Network on every case they handle.
As a result, to be recognised as holding later life lending permissions with HLP is a badge of excellence within the network and industry, and something that is highly prized and valued by our members.
How important is it to recognise achievement in the sector?
It’s vital to recognise achievement in the later life lending sector, in a growing field and often working with vulnerable clients in a highly regulated marketplace, it’s never been more important to recognise those who are at the top of their game and delivering an excellent customer outcome, every time.
HLP members invest significant time and resources to maintain the exceptionally high standards that our network requires in order to maintain their LLL permissions, and therefore we dedicate this award to the exceptional talent of our members and the hard-working HLP Adviser Development Team.
Looking ahead how do you see the next 12 months playing out for the later life market?
Testing times are around the corner, for everyone in the market. The FCA’s Consumer Duty will transform the industry and the processes for all within and create a time where those who are willing to adapt and deliver to ever higher and more rigorous regulatory standards will excel and provide the service required for tomorrow’s clients.
As the cost-of-living crisis plays out in real-time, it could present increased demand for later life lending not previously seen, and it’s important for the message that specialist mortgage & protection advice is key for consumers ahead of making any hasty decisions.
What advice would you give to someone looking to join the market?
Join a supportive and ambitious network like HLPartnership. Take the time to know your market. Think about primarily the segment of the market that you are advising, and tailor your business to align with their needs, to maximise the chances of a viable business in the coming 12, 24 and 36 months.
Be prepared to learn fastidiously a wide range of specialist knowledge and prepare for rigorous theoretical and practical scenario testing to become an accredited later life lending adviser.
Continually monitor and critique your own performance – are you doing everything you can? Would you treat your client differently if they were your relative? Your business is only as good as your last case.
How do you rate your chances of defending your win next year?
At HLPartnership, we’re laser-focussed on maintaining the high quality and standards that have led to us being recognised for the award this year, continually building the relationship with our accredited later life lending members and coaching new talent through to learn the vital skills to succeed in this field.
Adapting to new market conditions is vital, and with FCA’s Consumer Duty arriving in the coming months, it’s imperative to ensure that our Network of advisers are kept informed, educated and are practicing the latest processes required as the industry adapts to the challenges ahead.
