After the Council signed up its 1,000th member we caught up with Peter Maxwell-Lyte of MaxLyte Financial, the Council’s first adviser-member.
How long have you been in working in Equity Release and when did you join?
It was 21 years ago, when I had a call from a newly qualified solicitor called Peter Barton who asked if he could come and see me as he was up in London for the day seeking out prospective IFAs interested in developing ER. Soon after this, I attended an ER seminar held at The Brewery in Chiswell Street. I was impressed with the passion from an adviser called Andrea which convinced me to investigate equity release in more detail. Little did I realise that day, this was to be my destiny in financial services.
What made you join the Equity Release Council in the first instance.
I was with a national adviser network who were very obstructive, making it difficult to get business through their compliance channel. Today, I suspect that they were anxious about any future claims and complaints. I attended the Council’s inaugural meeting when it was announced that advisers were to be allowed to join. I decided to become Directly Regulated by the FSA as this is what I needed! I had to get the backing of the Council behind me and decided to hand-deliver my application into their office, the first thing the next day. That’s how I became the first adviser to join the Council.
And why have you stayed?
In this industry, I have loved the help I get from Later Life Academy, the lenders and solicitors. Right from the start, It gave me such a thrill helping people sort out their financial futures. When I discovered the difference that cash-flow forecasting could make in helping people see their future unfold, it became very satisfying. I know that I make a difference.
What does the Council do well and where does it need to improve?
The Council has always done well by me and, with the recent changes, the best is yet to come. With the colossal growth in the industry, I suspect that the Council will be instrumental in ensuring that all the new entrants joining the industry abide by the rules so that equity release continues to have a professional reputation and we have positive press coverage.
What changes and what particular big change have you seen in the sector?
Where do I start… It’s so different as it’s so much more “joined-up” now. The first thing that comes to mind is submitting applications online! And learning the property survey has been instructed within minutes! Thanks to one greatly improved sourcing system that incorporates client fact-finds, it’s possible to create a suitability report in a quarter of the time with additional information to help the customer understand precisely why they have done what they have done and what the long-term effects will be. This is truly ‘built-in’ compliance. What’s so exciting is seeing how the digital age has had such a dramatic effect.
I was pleased that I bought www.laterlifeadvice.com so that I can explain the services available. There is so much more information, especially with videos available to explain how equity release works like this one www.maxequityrelease.co.uk voted 10/10 by a senior legal member of the Council!
What would you say to anyone who is thinking about joining the Equity Release Council?
Don’t even consider getting into this market unless you are prepared to join the other one thousand advisers who are already Council members. If you are already in the industry, you are selling yourself short if you haven’t joined yet. Being a member of the Council is the badge of professionalism. May I recommend that you really investigate the Council website. Be sure to attend all the Council meetings and get involved in promoting the industry. You will enjoy the receptions on The Terrace in the Houses of Parliament too! Be prepared to take it slowly – this isn’t “a get rich quick” industry. It’s a wonderful industry to find new ways of helping people plan to improve their lives with the support of Later Life tools. It does have its challenges which is why it’s essential to keep current by attending the courses and seminars available from the lenders and clubs. Really get to know the people at the lenders and the specialist solicitors, because their help and support are what makes working in this industry so very special and different. And may I recommend that you always send a “thank you” to your new clients on completion of the equity release arrangement. I have found a bottle of Pol RogerChampagne is often most welcome!
Where do you see the industry in 10 year’s time?
Who knows?! Maybe we will be digitally recording all interviews and sending these directly to a lender panel that decides, from the information provided, which is the most appropriate plan to supply. A very clear, jargon-free and easy to understand report will be automatically updated when the legal details have been confirmed and all their inheritors have also been interviewed to ensure they agree with all the details. I believe there will always be a need for a Later Life Planner. I intend to keep working for 2,869 days. I’m counting the days… we will have to wait and see!
