New equity release adviser trade body launches
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The Society of Equity Release Advisers has launched today, the third such body formed to represent the interests of equity release advisers.
SERA has been set up by four equity release specialists, and will rotate its chairman role to ensure new ideas are consistently brought to the equity release debate.
The first man to take the helm is Simon Chalk, equity release planner at Mortgage Portfolio.
The other founders of SERA are Geoff Charles, managing director and equity release specialist of Bower Retirement Services; Ian Howarth, consultant at Parker Kelly Financial Service; and Roger Marvin, IFA and mortgage specialist atCharles Cameron & Associates.
SERA says it will represent the interests of smaller independent equity release practitioners, and work on developing equity release as a practical retirement and estate planning tool.
It aims to:
- Become the natural referral partner for IFAs and solicitors
- Work with product providers to develop innovative products
- Provide a ‘centre of excellence’ forum for members to encourage an open exchange of ideas and information, including master class case studies to develop best practice.
Simon Chalk, chairman of SERA, says: “The needs and wants that can be met by releasing equity have not and will not disappear.
“We believe firmly that equity release should be covered by advisers in every retirement scenario, and professional firms of IFAs and solicitors now have the best route to advice for their clients.”
Andrea Rozario, director-general of Safe Home Income Plans, says: “Any organization that can help to bring confidence and improve standards is a welcome addition to the equity release industry.
“The opportunity for advisers to share experiences and offer support to one another can only be of benefit for the customer and at the same time help to improve the ability of the adviser.”
Claire Barker, chairman of the Equity Release Solicitors’ Alliance, says: “ERSA is delighted to support the new SERA initiative and welcomes a new and holistic approach to retirement planning.
“It is paramount in difficult times to uphold standards of excellence and to offer homeowners a portal where they can gain access to specialist financial advice in equity release and retirement options generally.”
SERA’s launch follows the creation of The Independent Equity Release Adviser Alliance which was set up in June this year.
Prior to the set-up of IERAA, Specialist Advisers For Equity Release was established in September 2008 by Colin Taylor, chief executive officer of Key Retirement Solutions.
In addition the Association of Mortgage Intermediaries runs a number of initiatives specifically to cater to the equity release sector.
Readers' comments (5)
Ian Mason | 30 Nov 2009 11:50 am
not another organisation.How many do we need.Surely one overriding body should control equity release so that we know who were dealing with and there are no conflicting views being fired at us. We have had enough of multiple bodies in the past and they have never successfully represented the adviser in their relationships with the FSA
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David Wright | 30 Nov 2009 12:10 pm
I rather agree with Ian.
Equity release advisers need a trade body but just the one.
I'm not aware of the AMI doing a great deal regarding equity release but to be fair it is a small market compared with mortgages.
But to have IERAA and SERA launch within a few months of eachother is too much - get together, chaps, and form one body!
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danny o' sullivan | 30 Nov 2009 5:44 pm
I was interested in what they have to say but could not find a web page either in your article or on Google
What's the point of a press release without the means to instantly follow up any interest generated? That more than anything would make me wonder how serious its ambition is beyond the self promotion of their own businesses.
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John Whyte | 30 Nov 2009 11:07 pm
I too agree with the comments already made, such a relatively small market (albeit one that I enjoy operating in and always have done)really only needs one body across the whole country. On a light hearted note if you combined 2 of the groups you would have a SIERRA ! (LOL)
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Keith Steel | 1 Dec 2009 11:54 am
I also agree with the above comments. We need another ER intermediary trade body about as much as we need another lender to drop out of the market. Looks like an exercise in personal profile building to me. If this was a genuine attempt to help the market, surely there would have been some effort made to engage IERAA and/or SAFER.
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