Mortgage Market Diversification Enhance your business with our referral system LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime
Issue 56 n
ALSO IN THIS EDITION Market Watch - Find out more about Retirement Interest Only (RIO) Mortgages Leading Lights - View 2018’s Leading Light winners
PLUS: Limelight gets ‘Up Close and Personal’ with our in-house recruitment service
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Editor’s Foreword Natalie Yarwood Marketing Consultant
TenetLime Support 4-5 Industry Update
Simon Broadley gives us an Industry Overview Market Watch Find out more about Retirement Interest Only (RIO) Mortgages Tempus Fugit Richard Conway shares some highlights since joining as well as his objectives for the year New five year technology deal with Intelliflo
Hello and welcome to Limelight: In our first issue of 2019, TenetLime’s Managing Director Simon Broadley highlights what’s on the horizon for the year ahead within his industry update. Simon reviews the FCA’s Mortgage Market Study, which is gaining momentum ahead of the final report, mortgage diversification, Twenty7tec, IDD and CPD, and insight activity. Find out more on pages 4 & 5 . In our Market Watch update, Paul Hewitt looks into Retirement Interest Only (RIO) Mortgages and how this type of mortgage can benefit your clients as well as highlighting the key considerations to be aware of – see page 6 for more information . Our Recruitment Consultant, Austin Burrell features in our ‘Up Close and Personal’ this edition. As well as getting to know Austin some more, we shine the light on our in-house recruitment service designed specifically for members to help them secure the right recruits when they have a vacancy to fill. Learn more about Austin and our in- house recruitment service on pages 10 & 11 . Finally, we look back at another successful Adviser Forum attended by advisers, some of our provider and lender partners, and Tenet staff who all enjoyed a day of insight and networking. What’s more, don’t forget to save the date for our 2019 Adviser Forum on page 15 . We hope you enjoy reading this edition of Limelight. Best wishes Natalie Yarwood
Find out how Intelliflo will add value to your business 10-11 Up Close & Personal Get to know Austin Burrell and our in-house recruitment service 12-13 Leading Lights 15 Looking back at our Adviser Forum
Plus save the date for 2019’s Adviser Forum
Provider Support 19 more 2 life
Booming equity release industry primed for tech overhaul
Royal London Better protection conversations
Precise Mortgages 5 things brokers need to know in 2019 Plus much more…
Editor: Natalie Yarwood
LIMELIGHT is a Tenet Group publication 5 Lister Hill, Horsforth, Leeds LS18 5AZ. Tel 0113 239 0011 Fax 0113 239 5322
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WELCOME - 3
As we end the first quarter of the New Year, let’s have a look at what 2019 is likely to deliver and more importantly, the opportunities the year ahead could bring. It is certainly building up to becoming as eventful a year as we have known for the advisory market, with regulatory updates set against the omnipresent Brexit backdrop and the FCA’s final report for its Mortgage Market Study scheduled for late spring. The Bank of England base rate went up twice last year to end 2018 at 0.75% – the first rises in a decade. Although any further increases are very likely to be small and steady, given the political and economic uncertainty ahead, the trend of customers moving towards longer term fixes in the mortgage market continues. Greenwood steps down to retire later in the spring after 19 years with Tenet. Mark has a proven track record of building and growing businesses and moves to Tenet from his role as chief executive of the AIM- listed provider of employee and financial services, Personal Group Holdings. New technology deal with Intelliflo On the theme of change, we were pleased to announce in February that we have signed an initial five year contract with Intelliflo for the provision of Intelligent Office to our members. Our current five year contract with focus:solutions was coming to an end, so we took the opportunity to conduct a strategic review of the leading systems in the market, as well as consulting closely with our network focus group members. We will also welcome a new chief executive, Mark Scanlon, as Martin We’ve had an overwhelmingly positive response to this news but we also fully appreciate this represents a major change to the majority of our member firm’s businesses. Don’t worry however as we’ll be here to support you throughout each stage of the phased rollout. To find out more about why we selected Intelliflo as our future technology partner and to meet our new IT and Change Director, Julia Elliot, please turn to page 8. Mortgage Market Study At an industry level and as active member of AMI, I have been helping contribute towards ensuring that the voices of Tenet members and the wider adviser population have been actively represented and heard by the regulator, as they finalise their thoughts in this area. Following the publication of the final rules, as with most regulation, a period will be assigned for the industry to implement the necessary
Simon Broadley Managing Director, TenetLime Ltd
we were pleased to announce in February that we have signed an initial five year contract with Intelliflo for the provision of Intelligent Office to our members.
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I am sure this will be worked through, and although a long-standing issue, it is encouraging to see the FCA facing into this challenge and consciously trying to free customers, who through no fault of their own, find themselves in a challenging position. We’ll obviously be keenly awaiting the publication of the final report and will keep you updated on the resulting rules and policy, as well as the timelines for implementation. Time to diversify? Remortgaging in 2018 was at its highest level in a decade, with many borrowers who had come to the end of deals looking to lock in low rates on a longer term basis before any more rate rises took effect. Also, those who had perhaps wanted to move but were put off by the political and financial uncertainty of Brexit, now looking to remortgage in order to fund extensions instead. Here, we have certainly seen business mirror the market trend in terms of a fall in purchase activity as opposed to remortgage/product transfer business. The mortgage market also saw a fair amount of product innovation last year and that is likely to continue into 2019. In particular, equity release and the later life lending market is set to grow further as the older population increases. ONS figures show that in 2017, around 18.2% of the UK population were aged 65 years or over, up from 15.9% in 2007; and it is projected to grow to 20.7% by 2027. These both play to diversification and the good news is that TenetLime is in a great position to support you. With equity release for example, whereas many groups have closed the doors on this specialist advice area, here we can support you to get your relevant ER1 or CeRER qualifications, offer full list of industry-leading panel providers and all business is pre-sale assessed for you and your client’s peace of mind. We also have a full referral service for a wide variety of business, including specialist partnerships for conveyancing, secured loans, commercial insurance, will writing and of course, equity release. I’m really encouraged by the success of our partnership with Twenty7Tec since its official launch at the start of January. We already have almost 600 users signed up across the Group, with more on the way. We’re delighted by Twenty7Tec’s recent announcement that it plans to integrate with 15 new lenders throughout 2019 via MortgageApply, which allows you to seamlessly submit and track mortgage applications and is currently live with three Twenty7Tec expands MortgageApply
lenders. This signals a real appetite to engage and reach a critical mass of lender integration, adding high street names such as Santander, Barclays and Natwest. We have received lots of positive feedback on the sourcing side but we see this latest development as really significant in terms of establishing Twenty7Tec as the market leader in this space. We’ll keep you updated as the lenders come board and you will soon start to see more and more ‘Apply’ buttons appearing next to lender names on your sourcing results. IDD and CPD It’s worth just noting that by the end of March, we will be over half way through the first CPD year for IDD, so you should have logged about 8 ¾ hours out of your required 15 hours. Remember, this can be structured or unstructured and that all our Tenet events now specify the IDD CPD hours within the agenda. Our 2019 events programme is now available to view on the extranet, giving you an ideal opportunity to map out your CPD requirements for the year. Insight Activity We were pleased to announce in January that we have a new relationship with an external research agency, Trinity McQueen, who are supporting us with an independent review of TenetLime and our other brands. This is to ensure that we’re offering you the best possible service today, as well as ensuring we’re fit for the future and your opinions and experience are an integral part of this. Thank you very much therefore to everyone who took part in these interviews - we really appreciate your support and will be in a position to share with you later in the year what the outcomes of this work are. Additionally, we have launched an ongoing ‘pulse survey’ to help make sure we understand how your needs are evolving and we can continue to fully support the growth of your business. We appreciate that you are probably approached by a lot of different parties for your views, but hope that you will prioritise our surveys, as they are crucial to ensure we are meeting your needs on an ongoing basis and that you’re involved in our overall plans for the future. So, a lot going on in this first quarter of 2019, both at Tenet at and in the wider industry. The next time I write, we will be in either a deal or no-deal Brexit world and starting to navigate the changes laid out by the Mortgage Market Study. However, rest assured, we’ll help you navigate the path ahead, as well as starting to shape our future plans based on the key themes from your feedback.
changes and reflect on how businesses may need to change. Of the areas in scope for the Mortgage Market Study, two in particular are likely to deliver profound change – long awaited support for ‘mortgage prisoners’ and the creation of a digital comparison tool for consumers to help find a mortgage adviser to suit their individual needs. In terms of the digital comparison tool for consumers, much like choosing a hotel on one of the various comparison websites, priorities will differ from customer to customer. Some place greatest importance on the views of other guests, whilst others use locality or facilities as the main driver for making their decision. What is unclear at this stage is both who will develop the comparison tool, and the specific criteria that it will allow consumers to search by when looking for an adviser. I am sure that a natural concern of the regulator will be to ensure that both the criteria on offer do not become overwhelming, and that they remain as objective as possible to avoid manipulation by market participants. The final risk is that without a comprehensive, compelling and sustained programme of consumer engagement, the comparison tool could quickly become a white elephant. To succeed in terms of the initial objectives, it needs to become the go-to tool for consumers. Comparisons to the change in consumer behaviour driven by TripAdvisor have been used to outline the regulator’s aim. Today few people now simply type into a search engine ‘restaurants in Leeds’, much preferring to use TripAdvisor due to the depth of comparison it offers and perceived independence of its content. Irrespective of the specifics of how the tool operates, as a large network, we are feeling positive that any ranking criteria will play to our strengths, with our whole of market product range, quality control, financial integrity and high customer advocacy, as demonstrated by ongoing TCF scores over 99% for TenetLime. The second key area considers how the regulator is looking to actively support the needs of consumers who have found themselves as so-called ‘mortgage prisoners’. As many as 200,000 people are thought to be in a situation where they cannot move from their existing mortgage product, many of which have reverted to SVR. This may be due to the mortgage product being taken out before more stringent affordability requirements were introduced, or simply because their original lender failed during the financial crisis and the mortgage book was transferred to a third party administrator. Press coverage and comment has been significant in recent months and I expect this to be a key strand within the study’s final findings and interventions. What remains unclear at this stage is where liability for any subsequent default or mis- selling complaint might lie, if the regulator makes such an active intervention.
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MARKET WATCH with TENETLIME’s Research & Technical Specialist
Retirement Interest Only Mortgages (commonly referred to as RIO Mortgages) have increased in popularity over the past year with more lenders entering the market. This change was partly due to the Financial Conduct Authority cutting red tape in March 2018, which resulted in these type of mortgages being reclassified so they were subject to standard mortgage sale requirements, rather than equity release conduct requirements. This change in classification made RIO Mortgages more appealing to mortgage lenders as they no longer required the system changes and staff training required to comply with the equity release standards. RIO Mortgages may suit the needs of many older borrowers, especially those with an interest only mortgage that’s coming to the end of its term without a repayment vehicle in place. There are currently around 1.67 million full interest-only and part capital repayment mortgage accounts outstanding in the UK, according to the FCA. They represent 17.6% of all outstanding mortgage accounts and, over the next few years, increasing numbers will need to be repaid in full. These products could provide a potential lifeline to borrowers in this situation, as long as they meet the lender’s affordability criteria, ensuring they can remain in their home for the rest of their retirement. RIO Mortgages are not available to all borrowers as affordability is an issue, unlike Equity Release products, and customers without a large enough guaranteed retirement income won’t be able to access these mortgages. These products allow older borrowers (who are typically 55 plus) take an interest only mortgage that doesn’t have a set end date and pay monthly mortgage interest until a specified ‘life event’, which is usually when they die, or go into long-term care. At this point the loan is repaid through the sale of their property. Unlike a Lifetime Mortgage, there isn’t the concern of rolled up interest eating into the remaining equity because the borrower is paying the interest due each month, as they would with a standard interest only mortgage. The borrower also retains ownership of their property, unlike some Equity Release products.
RIO Mortgages could appeal to these types of client: 1. Existing interest only mortgage customers who have come to the end of their term and are unable to repay the capital balance, but they can afford to maintain their monthly repayments throughout retirement. 2. Older clients looking to fund lifestyle choices or retirement planning options by releasing equity in their homes. As part of this, they have a strong desire to protect equity in their home and leave an inheritance for their family. If the client has sufficient equity in their home, a RIO Mortgage can help with anything from home improvements to financial planning. 3. Older clients looking to free up equity pre-retirement, to give children or grandchildren a helping hand on the property ladder or to fund a holiday home. Key features of RIO Mortgages: • Maximum 40-70% Loan to Value depending on lender (most lenders offer 50/55% max) • Minimum Age 55+ (some lenders 60-65+) • No maximum term - Mortgage to be repaid from the sale of the property when client goes into care or dies • Available Products - Fixed Rates 2/3/5/10 year or Discounted Variable Rates • Available for remortgage or purchase • Affordability assessment is a requirement, must be affordable for the remainder of the client’s life Key areas to be aware of: 1. RIO Mortgages can be offered by advisors with the CeMAP or Cert CII (MP) qualifications as the Equity Release qualification isn’t required. This is due to RIO mortgages having full affordability assessed on the client, as per standard mortgages. 2. When assessing affordability for joint borrowers, the MCOB amendments for RIO Mortgages stress “the firm should consider the ability of a single borrower to continue making the required payments if the other dies, taking into account relevant evidence such as pensions payable to the surviving spouse or civil partner.” 3. Unlike standard Interest Only Mortgages, a credible repayment strategy isn’t required by the client because the sale of the property as a result of a specified ‘life event’ will be the means of repayment. Therefore, the adviser is not required to assess the probability of the repayment strategy working. 4. Depending on the client’s age and situation, there is an increased probability for vulnerable clients and this assessment will come into the advice process. The client will be responsible for the repayments for the remainder of their life, so they may wish to consider a Lasting Power of Attorney (LPA), which allows them to choose someone to help them make decisions or to make decisions on their behalf in the event of them being unable to do so.
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Richard Conway General Manager, TenetLime Tempus Fugit
The Romans knew it, as they departed the Colosseum after an afternoon of visceral sport had passed by in a flash. Shakespeare saw fit to comment on it in ‘A Lover’s Complaint’ as he remarked upon the swiftest hours. Here, on a crisp February morning in Horsforth, I feel the truth of it myself.
TEMPUS FUGIT. TIME FLIES. I joined as General Manager of Lime at the beginning of November. Three months have never gone so fast, and so this quarter’s Limelight is a perfect chance to share some of the highlights, along with my first impressions of Tenet, and some of my key objectives this year. First and foremost, I have been genuinely impressed by my new colleagues at Tenet. I can honestly say that everyone is fully focussed on doing the very best for you – our members. We’ve already made several process improvements behind the scenes, and I intend to keep actively seeking opportunities to make those continuous small changes that make a big difference.
Richard Brook – and will continue throughout much of the year. We know we’re doing some really good things – you’ve told us this – and we’re going to build on this strong foundation through working closely with you, getting to grips with how we take the relationship between TenetLime and you to the next level. Exciting stuff. In tandem with the above broad goal, I will also be reviewing how we look at Protection, and how important it is to your business. I am very passionate about the vital role Protection plays in everyone’s lives, and the first part of this year will be spent understanding your perspective on the subject, and sharing ideas on the best way forwards to give more people in the UK peace of mind. So in summary, a busy start to my time at Tenet, with lots more to look forward to in the months ahead. Thank you for your continuing support, and do continue to provide feedback into the team on anything you think we can help you with – that’s what we’re here for.
Having the right people around you is hugely important. We’ve further strengthened our expertise in the technical and research team with the addition of Paul Hewitt, who brings a wealth of experience from a variety of roles within mortgage advice, quality assurance and compliance. Paul joins the team at the perfect time – we’ve recently updated the Extranet; improving its ease of use and accessibility – if you’ve any questions just give one of the team a call. The partnership with Twenty7Tec has got off to a flying start, and I’ve been encouraged by the positive feedback from members, and by the professionalism of the Twenty7Tec team. They have been particularly quick to respond to any queries or teething issues; so I’d urge you to pick up the phone to them if you have a question. More exciting is that 15 of the top 30 lenders will partner with Twenty7Tec’s MortgageApply module throughout 2019. This shows the confidence that the big lenders have in the software, and makes it more and more worthwhile for you to use the module; avoiding rekeying. Looking ahead, I have two key objectives for the year that I want to share. The first is to understand what TenetLime means to you: where we are now, what we’re good at, what we’re not so good at, and how we can improve our service so that it really meets your needs. This work has already begun – lead by our Head of Insight & Propositions,
The partnership with Twenty7Tec has got off to a flying start, and I’ve
been encouraged by the positive feedback from members, and by the professionalism of the Twenty7Tec team
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New five year technology deal with
We recently announced that Tenet has signed an initial five year contract with Intelliflo for the provision of Intelligent Office (iO) for our members. As we’ve already shared, our current five year contract with focus:solutions was coming to an end, so we took the opportunity to conduct a strategic review of the leading systems in the market, which included feedback from our network member focus groups. We chose partner with Intelliflo and one of the key considerations is that it is specifically designed for the needs of financial advisers and mortgage brokers, with over 20,000 users and already adopted by over 10% of Tenet members. We strongly believe this is the best system for your business, with an established core solution to help advisers effectively manage the whole advice process and the flexibility for firms to bespoke it for their particular business model. Having made the decision to use Intellflo as our core system, we now have a lot of work to do to get things ready for launch, which is planned for Q4 2019. Over the coming months we will share more detail in terms of how we see members and Tenet using the iO system and what functionality it will offer following go-live, but essentially it will be used for advice recording and payment services and offer member firms a robust back office system. We have had a number of questions about migration of data and we can confirm that
and this will now migrate from Tenet Advantage to iO. The ambition was always to provide a system that improved the way we are able to carry out the necessary interface work with you but more importantly, a system that delivers real value for you in your day-to-day dealings with clients. Finally, we recognise that cost is a key and emotive issue. Our expectation is that we will be able to secure around a 50% discount on the iO published price, which will be achieved via a combination of a discounted price from iO alongside a significant subsidy from Tenet and any charges will not come into force until 2020. We believe that having access to iO at such a competitive price will deliver significant benefits to our membership. I hope therefore that you will join us in seeing this as a positive change for the future and we will be here to fully support you to adopt our version of Intelligent Office in the run up to the go-live date and beyond. Please also pay regular visits to the Intelliflo extranet area, which will house a growing set of support over the coming
we have all the data we need for migration prior to go-live, which will be moved from Tenet Advantage and OfficeNet and stored on a firm-by-firm basis in iO. If we need any further assistance with your data we will let you know on an individual basis. We’ve also had a number of firms asking if they can adopt iO before Tenet’s quarter four live date. Early adoption is not as straightforward as you might imagine as it would involve two implementations, as well as contract negotiations with early termination, all of which could incur additional costs, resources and contract penalties for your firm. Although it may not be effort or cost effective to install your own version of iO for such a short period of time, we will work with you to prepare in other ways for the transition to iO; such as adopting some of the iO friendly documentation like factfinds and suitability reports, or getting your data in shape. As we develop the new iO advice journey, we will share these suggestions with you so we can all benefit from the introduction of this new technology as early as possible. It is our intention to have integration with Twenty7Tec in place for go-live and one of the key considerations during our strategic review was Intelliflo’s willingness to integrate with Twenty7Tec. iO has also partnered with a large number of best of breed third parties to give you access to a wide range of tools, including Iress and Trigold. The Account Management team will be conducting a fact finding exercise over the coming months so we can understand what systems firms may already be using and associated requirements. Your current contract with Tenet includes access to a system for fee and commission processing
months and if you have any further questions, please send them to our dedicated email address:
I look forward to working with you to deliver this change to your business. Kind regards, Julia Elliott, IT and Change Director
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“intelliflo will be used for advice and payment services and offer member firms a robust back office system”
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UP CLOSE & Personal Under the spotlight in this issue is our Adviser Recruitment Consultant, Austin Burrell . Austin champions helping our advisers expand their businesses, by taking the hassle and cost out of recruiting professional advisers and support staff.
We caught up with Austin to find out a bit more about his work and home life, as well as why he chose to join Tenet Group.
Austin will make finding a new member of your business simpler, by taking care of organising a recruitment strategy for each business, consisting of writing role profiles, advertising and proactive headhunting, to even vetting the candidates on your behalf.
What’s in it for your firm? Through our Adviser Recruitment Service, you will have the support of our experienced HR and recruitment specialist. Austin has significant experience in recruiting for a range of financial services, HR, compliance and administration roles and can do all the legwork for you, from advertising the role on our website and on respected, professional online job boards, through to candidate vetting and interviewing on your behalf. But, the thing that makes this service so attractive is that we do all this for members of TenetLime completely free, saving you up to £5,000 in recruitment agency costs per candidate, as well as freeing up your time so that you can concentrate on giving advice to your clients. What does the service include? Austin will help you to define and develop an attractive recruitment proposition to draw a suitable calibre of candidates to your business, helping you find the right person for your vacancy. He will also arrange for the role to be advertised and will screen the best candidates to your specifications, recommending the ones which fit your needs.
AUSTIN BURRELL Adviser Recruitment Consultant
• Role profile writing service to help you define your requirements • Promotion of our vacancies on our website and professional online job boards • Candidate vetting, including professional telephone screening and interviewing • Assistance in completion of forms when on-boarding successful candidates • Training and support for new recruits from our in-house training team
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What are your hobbies and interests outside the office? I was born and grew up in Penrith, Cumbria and most of my family still live there so pretty much every other weekend I’m driving up and down the A1 and A66 to spend time with them, including my 5 year old nephew and dinosaur enthusiast, Kai.
Can you give us a brief history of your career to date? I had a few different jobs in my late teens/early 20s including working for Ticketmaster, Newcastle Building Society and BP. In 2006, I started working at StepChange Debt Charity as a customer service adviser and ended up staying there for over 12 years. After a couple of years on the front line I moved into the HR team, did my PG Dip in HR Management and then moved into the internal recruitment team in 2014, where I stayed until I left to join Tenet in May 2018. Why did you choose to work at Tenet? The core values. I saw posters displaying them on the walls when I came in to interview and the discussion I had with Amanda Ford, Head of Central Recruitment was based on these. It was refreshing to meet an interviewer who was genuinely interested in me as a person. I thought if these values translate into the day to day reality of being at Tenet, it will be a great place to work.
If you could trade places with anyone for the day who would it be and why? Probably my whining little cat Midge. She sleeps all day, wakes up at 5.30pm just in time to be fed and fussed over and then either goes out all night or goes back to bed again. I’m not really a cat person. I’d prefer a dog, but she’s what I’ve got and I’m stuck with her.
Finally, tell us an interesting fact about yourself… I used to work occasionally as a TV extra in the
How did you get into recruitment? After completing my HR diploma, I had to make a decision on whether I wanted to be a hirer or a firer. I decided hiring was more fun.
late 90s and can be seen lurking in the background of episodes of ‘The Lakes’ and ‘Hetty Wainthrop Investigates’ amongst others.
To register a vacancy or just to find out more please don’t hesitate to contact Austin on: 0113 239 5116 or email email@example.com
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2018 LEADING LIGHTS AWARDS AWARD WINNERS
This year, the Leading Lights Awards came back home to the Tenet Adviser Forum on Thursday 6th December at the Queens Hotel, Leeds. During the gala dinner and masquerade ball, the top achievers from TenetLime and TenetConnect were celebrated. View all of our winners below:
ADVISER FIRMS OF THE YEAR
Large Firm of the Year 2018 (4 or more advisers) – NORTH WINNER:
Small Firm of the Year 2018 (1-3 advisers) – NORTH WINNER:
Options Mortgage Centre Fidenti Mortgages & Protection Ltd
Moneywise Mortgages Me Smarter Mortgage Services Ltd McNicholl Financial Services Ltd
Shortlisted: Shortlisted: Shortlisted:
Shortlisted: Shortlisted: Shortlisted:
Square Financial Ltd
Approved Mortgage Solutions Ltd
GT Mortgages Ltd
Large Firm of the Year 2018 (4 or more advisers) – SOUTH
Small Firm of the Year 2018 (1-3 advisers) – SOUTH WINNER:
The Wright Mortgage Company Ltd Watson & Company (Bristol) Ltd
WINNER: Shortlisted: Shortlisted: Shortlisted:
Choice Finance Mortgages & Financial Solutions Ltd
Shortlisted: Shortlisted: Shortlisted:
The Mortgage Company Oxfordshire Ltd
Protect Line Ltd
Purely Financial Planning Ltd
Larkbridge Mortgage Ltd
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ADVISERS OF THE YEAR
Adviser of the Year 2018 NORTH WINNER: Chris Hulme, Options Mortgage Short listed: Graham Wilson, Options Mortgage Centre Short listed: James McNicholl, McNicholl Financial Services Ltd Short listed: Chistopher Naismith, C N Mortgages
Large Firm of the Year 2018 (4 or more advisers) – NORTH WINNER:
Create Financial Management LLP
Adviser of the Year 2018 SOUTH WINNER: Mark Watson, Watson & Company (Bristol) Ltd Short listed: James Akers, The Wright Mortgage Company Ltd Short listed: Steven Pritchett, The Wright Mortgage Company Ltd Short listed: Brian Wright, The Wright Mortgage Company Ltd
Shortlisted: Shortlisted: Shortlisted:
G Sturgess Financial Planning Ltd
McAuley Financial Ltd Uniec Prestige Ltd
Large Firm of the Year 2018 (4 or more advisers) – SOUTH WINNER:
Gerry Dupree & Company Ltd
Finance Planning Wealth Management Limited Radcliffe and Newlands Ltd Bluechip Financial Ltd
Adviser of the Year 2018 NORTH WINNER: Steve Woodhead, BBT Group Ltd Short listed: Colin Robinson, Robinson Financial Solutions Ltd Short listed: Alan Johnston, City Gate Aberdeen Ltd Short listed: Adam Drake, Drake Wealth Management Ltd
Small Firm of the Year 2018 (1-3 advisers) – NORTH WINNER:
Crandles & Co LLP City Gate Aberdeen Ltd
Adviser of the Year 2018 SOUTH WINNER: Nathan Harris, Lothbury Pendil Financial Services Ltd Short listed: Phil Cross, Direct Financial (UK) Planning Ltd Short listed: Nish Patel, Nautilus Asset Management LLP Short listed: Robert Shirley, Sovereign Asset Management Ltd
Shortlisted: Shortlisted: Shortlisted:
Robinson Financial Solutions Ltd Astute Financial Advisers Ltd
Small Firm of the Year 2018 (1-3 advisers) - SOUTH WINNER: Nautilus Asset Management LLP Shortlisted:
Direct Financial Planning (UK) Ltd INCA Financial Associates Sovereign Asset Management Ltd
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Tenet’s first digital only magazine Introducing Lender Insight:
This year we are delighted to introduce our new digital only publication, Lender Insight. This will be produced on a bi-monthly basis designed to keep advisers up to date with their market knowledge and therefore improving the advice received by their customers.
Our first issue features
articles from the likes of Precise Mortgages, Bank of Ireland, Lloyds Banking Group and many more...
To view our first issue of Lender Insight, simply visit https://tenet-group.instantmagazine.com/lenderinsight/issue1
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LOOKING BACK TO THE SUCCESSFUL 2018 ADVISER FORUM PLUS, SAVE THE DATE FOR THIS YEAR’S ADVISER FORUM
Our 2018 Adviser Forum, held on 6th December at the iconic Queens Hotel in Leeds, was deemed a big success. With over 200 people in attendance, the main event in Tenet’s calendar brought together advisers, some of our provider and lender partners, and Tenet staff who all enjoyed a day of insight and networking. As this is our first edition of Limelight this year, we wanted to take a step back to December and provide a reminder of what happened on the day, share some pictures with you, and let you know the date and location for this year’s Adviser Forum so you can save the date in your diary. So what happened at the 2018 Adviser Forum? Throughout the day we had a number of engaging presentations, commencing with breakout sessions in the morning, and then, after lunch which provided networking opportunities in the ever- popular trade fair, we moved onto the main forum event. Our key note
speakers included our CEO, Martin Greenwood who provided a Tenet business update, Robert Peston, the Political Editor of ITV News and host of the weekly political discussion show, ‘Peston on Sunday’, and Jason Fox from Channel 4’s SAS: Who Dares Wins. We were also delighted to have two further keynote speakers, Dean Hobbs, million dollar round table member and experienced financial planner as well as Judi James, one of the UK’s leading experts in behaviour and body language. Our main stage providers – Royal London, Precise Mortgages and Premier Asset Management also presented during the day. After a successful day, those that were able to stay into the evening enjoyed a gala dinner and masquerade themed entertainment - all of which was provided as a benefit of being a member of Tenet. It was great to see so many people wearing masquerade masks (and well done to those who made their own masks!) as it really made a difference to the ambience of the event.
All in all, we received some fantastic feedback about the event and we’d like to take the opportunity to thank everyone that attended. So, what about the 2019 Adviser Forum? Whether you were able to enjoy the 2018 event and are keen to find out when the next one is, or you weren’t able to make to it and want to find out what you’re missing out on, we are sure you will want to get a date in your diary for the 2019 Adviser Forum. So, here you go…
In partnership with our main stage partners:
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Take advantage of our Marketing Toolkit area of the Extranet Boost your business with our marketing service. You can pick from a range of leaflets, posters and adverts covering a wide range of themes, which are ready to use straight away… and it needn’t cost you a penny! Grow your Business with help from Tenet
Plus, don’t forget to take advantage of our range of social media posts and adverts. You can choose between a range of Facebook, Twitter and LinkedIn posts, and is designed to work alongside advert images which have been produced as jpeg images. In the majority of cases it is necessary to include the relevant advert image to make the post compliant (as it carries any necessary risk warnings), but there are also some posts which can be posted with or without an advert. The advert images are important in social media terms as they will help your post stand out.
If you need any help, call 0113 2390011 and ask to speak to the Marketing Team or email firstname.lastname@example.org
TENET EVENTS The Mortgage Expo
Marriot Forrest of Arden
Target audience: Mortgage advisers - Timings: 10.00am-2.00pm
The Mortgage Expo will provide a hub to access the latest mortgage market information, generate new business ideas and expand on services to offer your clients. Including a trade fair and breakout sessions, these events will give you the opportunity to meet with lenders, discuss individual client cases and explore the latest in product offerings. Throughout the day our lender partners will showcase their USPs, new systems and products in an exhibition environment, allowing you to network and have one-to-one conversations. These events are open to all Tenet brands, advisers, paraplanners and support staff.
To book your place on a Complete Mortgage Event visit: https://events.tenetgroup.co.uk/events/tenet-the-mortgage-expo-2019
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How to help your portfolio landlord clients
Keep on top of this changing sector to ensure you can find the best deal for your clients
Sarah Green Director of Intermediary Sales, Virgin Money
The PRA rules on lending to portfolio landlords introduced last year mean getting a buy-to-let mortgage may be more challenging for some of your clients. But it is still possible and you are well positioned to help portfolio landlords navigate the new lending landscape and get a great deal.
Here’s how you can help them: 1 FIND THEM First, make a list of your landlord clients with four or more mortgaged buy-to-let properties and contact them for a review. This is important because even if they have read about new lending rules for portfolio landlords (and many won’t have done), they may not consider themselves a portfolio landlord with just four mortgaged buy-to-let properties. Even those who know they are impacted may still need support. 2 BE CLEAR If your clients don’t know about the rule change, explain it to them, but keep it simple. Lenders now need a separate approach to underwriting for portfolio landlords that looks at their wider finances, but more important is what that practically means for them. Do they need to fill out a simple form detailing their properties or will they have to produce a lot more evidence and documentation to get a mortgage? The answer of course depends on which lender they apply to and some require more information than others. At Virgin Money we recently started lending to portfolio landlords and we worked hard to design a process that is as straightforward and streamlined as possible. We’ve created simple templates so that it’s easy for both you and your client to provide us with all of the correct information from the off. This includes their business plan, cashflow and details of their properties. We’ve also partnered with eTech to enable brokers to upload details of their client’s portfolio in seconds, saving precious time and keeping our turnaround times down. 3 KEEP UP WITH CHANGES Make sure you are up to date with the different lending options for portfolio landlords and who does what. Not all lenders offer mortgages to portfolio landlords and those who do have different products and policies. For example, Virgin Money will lend to landlords with up to ten mortgaged buy-to-let properties, with up to five being held with us. Every lender has their own policy on this and you need to work out which best suits your individual client.
4 TAKE CARE OVER TAX ADVICE By all means tell your portfolio clients about the option of limited company structures to hold or buy further buy-to-let properties, but tread carefully. Ensure you signpost them to tax advice and explain that there are benefits and drawbacks to limited company buy-to-let. As their intermediary, it’s important to highlight the fact it can offer tax efficiencies but can also carry significant costs and will not be the best option for all landlord clients. The same goes if they are considering selling a property. This could improve their overall LTV position and portfolio performance, plus it could release funds to pay down their other mortgage debts. But remind them of the potential Capital Gains Tax implications of selling. 5 WHAT ABOUT SERVICE? There can be a big difference in turnaround times between lenders, with reports of application to offer times of up to a month on portfolio landlord cases from some lenders as they get used to the new processes. At Virgin Money we took our time to develop a proposition that enables us to honour our ten-day service promise on portfolio landlord applications* as well as the rest of our mortgage lending. And we will pay out £100 if we miss that deadline. Obviously if you have a client that needs a mortgage fast this is a key consideration and worth checking with lenders before submitting a time sensitive case.
HELP AT HAND If you have any questions on our approach to portfolio lending, we are here to help. Visit our dedicated portfolio lending webpage or speak to your BDM.
*10-day service promise starts from receipt of a fully packaged case
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Jennafer Holt Senior Marketing Executive more 2 life
Booming industry primed for tech overhaul
It’s no secret that the equity release industry has been doing incredibly well of late. Homeowners have been releasing the cash from their homes in larger numbers than ever before, due to poor pension performance, lack of savings, and a slew of interest-only mortgages maturing without suitable repayment plans in place.
Technology paves the way At more 2 life, we have invested heavily in our online portal, fastpath, so that the vast majority of our applications don’t require any paperwork, or even a wet signature. In fact, our portal automatically conducts ID checks, legal checks and instructs valuations with just one click. On average, fastpath processes applications 10 days quicker than a manual process, advisers are known to complete KFIs in less than one minute, and we have taken an application through to offer in just 4 hours & 40 minutes. While our service can perhaps never be as instantaneous as Just Eat and Uber (then again, who knows?), we are working hard to ensure that we keep up with demand, deliver the fastest outcomes possible, whilst also maintaining excellent customer service and providing advisers with the tools necessary to cut down paper-work and increase the amount of time they spend with clients.
In just five years the equity release market has almost quadrupled in size to hit £3.9 billion of lending in 2018. The impact of ever increasing demand on lenders and advisers has been felt across the industry, as they struggle to continue to deliver excellent service. It comes as no surprise that this rapid increase in business volume has placed immense strain on those who have stuck with 100% paper-based processes, and most importantly, the strain lands on operational and customer service functions before anywhere else. It also impacts advisers and their ability to service as many customers as possible. Not only has demand for equity release increased rapidly, but technology and the culture of retirement have been changing rapidly, too. Today’s retiree is not the ‘kick back and relax’ trope of the past, but are tech- literate, savvy and demanding consumers who view retirement as a time of freedom and adventure, and not as a time for resigning to the armchair. The era of instant gratification All consumers are becoming incredibly demanding. Thanks to companies and apps such as Just Eat, Uber, and online banking, we have become accustomed to amenities which deliver instant gratification; and not in lieu of great customer service. For a sector in the later life lending industry, which is still largely paper-based, it can be difficult to keep up with processing a record number of applications, whilst delivering acceptable levels of service to customers. All of us - retirees included – have come to expect a certain level of speed, convenience and efficiency from all day-to-day transactions, which simply isn’t provided by 100% paper-based processes. While you could argue that financial service sectors such as equity release are more customer-centric than others, due to the importance of face-to-face, impartial advice, it’s still true to say that more needs to be done to boost customer satisfaction.
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Vincent O’Connor Senior Business Development Manager, Royal London
Ask open questions - better protection conversations
Previously I’ve talked about a simple idea that you can introduce into every protection conversation – the actual risk, chance and probability of your clients making a claim on their policy. When people see that the risks
Open questions don’t naturally allow for single word responses such as a yes/no or a single answer and you can ask them during fact finding. The fact find is usually full of closed questions like where do you live, what’s your telephone number, what’s your email address? But for things where you want to find out how people feel and what their attitude is, you need to use more open questions. For example, if you want to get a picture of your client’s lifestyle, you won’t get very far by asking closed questions. Explain that in order to provide appropriate and tailored advice, you need to get to ‘know your client’. You need to understand them before you advise them. So instead, try these: “Tell me a bit about yourself - What do you like to do as a family? What do you enjoy?” “Describe a typical weekend in your family life?” Your client will ‘open up’ and tell you about things which are important to them and make them happy. And of course, these are all things which are at risk should the worst happen. These will be things they wouldn’t want to lose. A useful open question technique model to remember is TED : Tell me • Explain • Describe to me These simple questioning techniques allow you to find out so much more information about what’s important to your client and how they feel about certain things. And of course, this is all crucial in helping them understand the need for protection and their priorities. This in turn helps you tailor your advice.
are actually significant; this might in itself be the thing
which helps them understand the importance of protection. So if you’ve not already done so, sign up for our marketing studio. It’s free to use and once you’ve got your login set up, you can produce personalised risk reports for your clients that will be branded with your contact details and company logo. Now in this article, I’m going
to talk about another idea which is less tangible, but a vital skill in how you facilitate your conversations, find out information and help your client understand certain key points about the protection gaps they have. Open questions…
If you’ve got small children, try this when they come home from school. Ask them “did you have a good day at school?” Notice how they answer the question. They might say “yes” and not much more. As a parent, you’re genuinely interested in what they got up to and how their day was, but was that a good way of asking the question? It probably wasn’t because it’s a closed question and it naturally doesn’t allow for a broader answer. So instead, ask an open question like “tell me about your day at school today?” or “what did you do at school today?”
Your client will ‘open up’
and tell you about things which are important to them and make them happy.
For more information on overcoming protection hurdles visit adviser.royallondon.com
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