Following the Financial Conduct Authority’s (FCA) extensive review of the equity release market, Advise Wise has introduced its Fact Find and Suitability Letter System. Initially, in a pilot phase, the system is now freely accessible to all members and aims to set a new benchmark in client assessment and guidance for equity release advisers.
The Advise Wise Fact Find and Suitability Letter System comes with a host of integrated tools designed to aid advisers in determining the most appropriate equity release options for their clientele. Among the features, it strictly adheres to both FCA and Equity Release Council (ERC) guidelines, ensuring that advice rendered on equity release is in complete compliance with industry norms.
The system is particularly notable for its comprehensive approach to financial evaluation. It incorporates mandatory income and expenditure assessments to ensure advisers have a full view of a client’s ongoing debts and disposable income. Further enhancing its capabilities, the system also integrates with the entitledTo benefits calculator, allowing advisers to verify a client’s eligibility for state benefits.
In an industry first, the system includes dynamic medical questions to secure the most favourable rates based on clients’ health conditions. Advisers are also equipped with a comprehensive vulnerability assessment tool that enables them to identify and address any potential financial vulnerabilities in their clients’ situations.
Apart from focusing solely on equity release, the system offers an in-depth look into alternative financial solutions. It incorporates both RIO plans and later life mortgages and features a full product comparison tool, thus allowing advisers to view multiple solutions side by side. The search mechanism within the platform also integrates underwriting criteria, streamlining the search process and saving advisers time.
One of the standout features is the system’s integrated AI support for the efficient completion of Suitability Letters. Adviser firms have the option to further customise the system to better fit their compliance and operational needs.
Benjamin Wells, Head of Product and Development at Advise Wise, stated, “The Advise Wise Fact Find and Suitability Letter System sets new standards in client assessment and guidance for equity release advisers. This system is the industry’s only freely accessible tool that seamlessly incorporates all of the FCA’s recommendations while addressing critical areas such as adherence to the Equity Release Council guidelines, precise income and expenditure evaluation, and a dynamic assessment of medical conditions to secure the best rates for clients.”
Wells further elaborated, “This System is set to revolutionise equity release advice by providing a comprehensive, user-friendly, and compliant platform for advisers. It truly allows our users to say goodbye to manual processes and fragmented tools and embrace the future of equity release guidance. In addition the system comes with various flexibilities and opportunities for white labelling, making Advise Wise the only fully flexible sourcing solution in the later life market.”
For advisers who prefer a traditional approach, the Advise Wise Fact Find is also fully printable and can be completed either offline or online. A new trial feature even allows clients to participate in the Fact Find process online, thereby reducing advisers’ workload and eliminating the need for re-keying data.
The suitability letter generated by the system conforms to the FCA’s guidance on document lengths, pulling information directly from the Fact Find and Key Facts Illustration (KFI).
