The Growth Engine Podcast

This episode is Part one of 2 recorded with famous coach and mentor Gary Das.

Gary takes us through how he grew to become one of the main coaches in the mortgage industry in the 2010s.

Gary started his self employed mortgage and lead generation business in 2016, thenn discovered Socual Media whioch changed his world.

Gary talks us thorugh some of the successes he has had with the many advisors he has shown how to generate more leads then put into practice his sal;es and systems process to boost profitability.

This episode is with a couple who owned their own home and had taken out Equity Release a few years ago.

They used part of the intial funds to gift to their children to enable them to purchase property. Last year, the couple needed to support their daughter in the USA to pay her medical bills. When their savings and credit cards had run out, they then needed to raise funds in another way.

This is the second part to episode 6 where we started to answer the most commonly asked client questions about Equity Release.

In this episode, experienced Equity Release Advisor Stuart Powell, whose company recently won 'Best Small Equity Release firm 2022' is asked the main questions that clients want to know the answers to. His simple and easy to understand explanations make the sometimes confusing and complicated aspects of Equity Release seem a lot simpler.

This episode features Sharon, a 68 year old single lady from Buckinghamshire.

Sharon approached us for advice as her credit card monthly payments were reaching nearly £3,000 whilst her income was below £1,800.

This situation was causing her anxiety, stress and sleepless nights. Sharon did not know what options she had and needed advice.

We got to know Sharon and her financial and family situation, then discussed her options with her before giving advice.

Sharon now has a monthly interest payment on her Lifetime Mortgage of c£500 and her new financial situation has transformed her mental health.

This episode is designed for everyone who works in, or is interested in the Later Life Lending industry.

Jim Boyd discusses various topics including:

-the development of the ERC in the last 18 months

-the purpose of the ERC

-the 23 competency framework standards underpinning the advice process

-marketing support for advisors

-webinars for support: vulnerability, scams, FCA Consumer Duty

-the ERC and the FCA. Building a relationship to support members

-membership numbers. Which huge national brands have recently joined?

-how the ERC website obtains leads for advisors

-how the industry will grow in 2023 and the outlook for the economy

-Stuart describes the huge benefit to his clients mental health caused by reducing her debt using a LifetimeMortgage

-how we could all share our real life stories of clients taking out a Lifetime Mortgage and how it has created benefits for them

In this episode Jim Boyd, CEO of the Equity Release Council explains the role of the ERC in protecting consumer interests including:

-the no negative equity guarantee

-the right to move property with a Lifetime Mortgage

-a Fixed interest or capped interest rate on products

-security of living in the property until going into care or dying

-NEW. Being able to pay off interest and/or part of the laon on all new policies

-the role of a solicitor in protecting the consumer

-how to find an advisor who follows the ERC rules

-why the industry still battles to show people that ERC is a well regulated industry with excellent advisors

Part 2 is what everyone wants to hear from Stuart Wilson. His views on what will happen to the Later Life Lending industry in 2023 and what is coming next from AIR.

Stuart discusses:

-What happened in October 2022 and the effects this had on the Later Life Lending market.

-What has imporoved in 2023 to give advisors and consumers confidence.

- What the 'new normal' for LLL will look like and the 'change and opportunity' that Stuart sees coming.

-Consumer Duty and the changes that will bring in 2023.

-Thoughts on how to develop your lead generation and grow your bsuiness.

-How AIR is going to further support the market in 2023.

This episode is a great insight into where AIR (Answers in Retirement) began and how it has grown to become the largest provider of Later Life Lending resources for advisors in 2022.

Stuart Wilson, Chairman of Air Group tells us anecdotes of why he started the business to support advisors and their potential clients as nothing similar was available.

Stuart also explains how the group gradually grew over the next 10 years, and worked with key industry figures to become the largest Lifetime Mortgage Club in the industry.

The insights into how AIR has progressed in the last five years is then explained, as well as Stuart's initial thoughts on where Air and the industry will go in 2023 and beyond.

The episode also discusses Consumer Duty and the impact it is currently having on advisors and lenders, as well as the great changes for consumers that this will bring.

Martin Lewis and his increasing enthusiasm for Lifetime Mortgages to be considered by homeowners over the age of 55 is the next topic, as well as how well the Equity Release Council has transformed in the last 18 months.