EQUITY RELEASE REPORTS
If you are unable or unqualified to give advice regarding Equity Release products, why not refer the case to Financial who can provide an Equity Release Suitability Report addressed directly to the client for you to present to your client.
This report would detail the client’s circumstances and the suitability of an Equity Release product route.
If, on the basis of this report, the client decides to take the informed decision to take out a product, you can proceed to recommend a provider.
You chose the provider, deliver to the customer and you handle the transaction. Any commission paid from the scheme would be payable to you - the IFA.
This splits the advice on the suitability of the product (Financial), and arranging the product (you, the IFA Firm).
Our fees for preparing an Equity Release report start from £300.
If you wish we can also provide a recommendation for a provider as well. In these cases the IFA can still act as the client’s agent when transacting the business and receive the full commission. This route does increase our fee, normally by £100.
Financial will supply you with our Equity Release Fact Find which the client needs to complete and return to us.
Our standard turnaround time for producing a report is 5 working days after receipt of all required information.
Where time is critical a report can be produced in a shorter time frame, but this will carry extra cost.
Please contact Ben Street for more information or to request an Equity Release Fact Find.
| Summary of Advice | Summary of Liability |
|---|---|
| Financial will advise client on suitability of product and route | Financial accept liability for advice regarding suitability of product |
| If the client chooses to proceed then you, the IFA, advise the customer on provider choice | You are liable for provider selection |
| Financial research providers and recommend to client | Financial are liable for provider selection |
| You, the IFA, arrange the transaction | You are liable for completing and processing the application in line with the client's wishes |
| You collect the commission from the provider, or charge the client a fee for advice on provider/funds | You are liable for repayment if there is an error |
| Financial invoice the IFA firm for our report | You are liable for our fee. Whether you or the client pay this fee is up to you to arrange. |
