Newsletter
Ocotober edition
A few words from Lyn Perrett I would like to welcome to the team David who will be joining us as our new compliance officer. David has been in the Financial Services Industry since August 1985 when he joined the Prudential straight from College. Starting off in the Employee Relations department, he quickly learned the value of a well trained Field Staff.
Unfortunately, the 80’s was the end of the “job for life” culture in big companies and after a few department changes, he was made redundant in 1993. He then he joined United Friendly and was soon promoted to Compliance Adviser.
Unfortunately, the culture of compliance in those days was to simply remove anyone who could not perform and when the United Friendly merged with Refuge in 1996 he sought a role that would compliment his philosophy of “Train not Sack”.
Inspirational quote
He was employed as the Compliance Manager for the South for the Network DBS and here he could concentrate on the Independent Financial Adviser market. However as the role became more Management based, he became more removed from what he enjoyed most which was spending time with the Advisers. In 1999, he took the last step in his career which was to start his own Compliance Consultancy, shamelessly taking a few DBS firms with him. Whilst he concentrates on general compliance, his passion and skills are still in Training and Competence. David is Level 4 Diploma qualified with both the Mortgage and Equity Release exams under his belt and he is currently studying for Long Term Care.
The Right Equity Release
We look forward to seeing you all at the next Sales Meeting: Thursday 9th Novemeber 2017 Chateau Impney Droitwich Spa • WR9 0BN
Agendas will be out soon
St. Johns Court, 70 St. Johns Close Knowle · Solihull · B93 0NH 0800 612 6755 www.therightequityrelease.co.uk
T&C Updates and reminders with Sarah Glenn We are going through very exciting times within the T&C Department , if exciting and T&C can be used in the same sentence.
Fact Finds Please note that once a fact find is signed and dated by the client it cannot be amended without the client’s permission – this means a second signature and date.
David Potton joined TRER a couple of months ago and John Hook, a successful TRER adviser, has also committed time to a supervisory role for a small number of advisers. Ron Ellis and Dean Smith, two very experienced advisers complete the new team and will conduct come live observations with new advisers in the field. To this end we now have some time to devote to updating some of our documentation and looking at how we can add value to all advisers. John and I ran our first sales training course on 20th and 21st September, we invited advisers with a very mixed range of experience and spent time creating a “perfect” file coupled with a very lively productknowledge quiz. The course was very interactive and the feedback has been brilliant. A big thankyou to all who attended for your participation and helping to make it not only informative but also an enjoyable two days. We are looking to roll out more courses/webinars over the next few months so look out for your invites.
Suitability Letters Please use a new suitability letter template for each case. We have had a number of SL’s recently where the letter has been copied and pasted and half way through the name of the client or number of beneficiaries suddenly changes. If such a letter finds its way to a client it is unprofessional both for you and TRER.
Just. are running a Vulnerable Client and Dementia Friends workshop on 30th November. limited number of places available If anyone would like to attend please let Lauren know no later than 5th October 2017.
We have had some instances where a file review has revealed errors or inconsistencies within the fact find and the adviser has simply made a change and resubmitted the document to CRM. This is not acceptable, if a fact find needs to be amended it should be done with the client. If this cannot be achieved you must contact the client explain the amendments and send the fact find out to the client for second signatures.
Power of attorney If there is a POA in place you need to ascertain if it is in force. If it is not then you cannot go ahead with the attorneys acting on behalf of the client. If it is, you must check how many attorneys there are and whether they can act severally or jointly. If jointly then all attorneys must be present at the meetings and must sign all of the documentation. Always take a copy of the full 11 page POA document, the lender will want a copy and a copy should go onto CRM.
Vunerable clients You have a duty of care to each of your clients. If you feel that they may be vulnerable – this could be because of mental incapacity but just as importantly due to another issue such as bereavement or divorce you must make every effort to ensure that the client’s best interests are being met. A client may seem confused or may ask the same question over and over. If in doubt you should recommend that a 3rd party be present at all of your meetings and record this recommendation within your fact find.
The Right Equity Release St. Johns Court, 70 St. Johns Close Knowle · Solihull · B93 0NH 0800 612 6755 www.therightequityrelease.co.uk
A few words from Jane Hanlon What do you need to improve to get an A? 1. Properly completed Fact find- No empty space 2. Research after fact find please! - correct filters and handwritten notes on comparison. 3. Suitability letter (write within 5 days of application signed) – Personalise, ESSENTIAL that Fact find and KFI all match. Particular attention to the client priorities, no ERC etc. TRICK- to make look good = clear font, use a dark grey, consistent style with clean layout
File check results YTD A= 53.86% B= 42.3% C= 3.77%
Example Current Situation. • Pamela you are retired with a total monthly income of £1392.66. You are a non-smoker and are in good health.
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• You have confirmed that you have no one that is financially dependent upon you. • You stated that your property is valued at £250,000 and you have confirmed that you own your home. You told me you have a mortgage with Coventry secured on your property. 4.CRM- Within 10 days of application date- at offer check for completeness.
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SIMPLE? Sue and Gerald are now on-board file checking. Sue is very knowledgeable with vast experience of Financial Services, previous worked in blue chip companies compliance departments with her favourite subject complaints- Let hope none of your pass her desk.
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Gerald many years as a financial adviser including equity release, also covers for the club with his wealth of product knowledge and experiences especially from the adviser view point– Favourite subject Judo is a black belt 2nd Dan Reason not to mess him! You will be hearing from them, The Right Equity Release as I need to take a break. Please look after them for me, Croft House Knowle · Solihull · B93 0HL Thanks Jane. 0800 612 6755
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Solicitors panel
The Right Equity ReleaseCroft House Knowle · Solihull · B93 0HL 0800 612 6755 www.therightequityrelease.co.uk