We caught up with Mike Hardy, who was named the best individual adviser at the Equity Release Awards.
Judges described Mike as “relentless in a good way” and said that he had really delivered for his clients over the last year. We couldn’t wait to hear from Mike directly.
How long have you been in the sector?
I’ve been advising on equity release products for the last six years
What attracted you to the industry?
George Osborne. Being a specialist in annuities, the decision he made to remove the compulsory purchase of annuities, very much changed the role I was in at the time.
What did you do before you became an adviser?
I’ve been in financial services for 30 years and have had many different roles from being an administrator, business development manager, and an independent financial adviser.
Why did you join the Council?
As a self-employed equity release adviser being a member of the council provides a variety of benefits. Customers see council membership as an endorsement of the advice I provide and feel an added sense of reassurance they know I am constantly improving my skills. I also gain access to up to the minute thinking on the issues and challenges facing the industry which is particularly valuable when you are self-employed.
What do you know now that you wish you knew when you started?
How much fun the clients were going to be. The best part of the job for me is meeting the clients and hearing all of their stories. I met a 101 year old lady last year and when I asked her what her secret was, she replied: “I don’t drink, don’t smoke, don’t eat fast food but I do like a bit of chocolate with a cup of tea.” She was razor sharp and I have no doubt will live for many years to come.
What’s the one piece of advice you’d give to a new adviser?
Try and broaden your knowledge of other products and aspects of financial services. It is inevitable that more and more people will have to access their property wealth to supplement their income and a good understanding of the other products will help with this. It will also help when talking to clients about IHT and estate planning.
How do you think you differ from other advisers?
Being 49. I’m led to believe that the average age of an adviser in the equity release sector is slightly higher.
How did you feel when you won the award and how did you celebrate?
As you can imagine, I was chuffed and celebrated long into the night and within close proximity to the bar!
What is the greatest challenge facing the industry and how to overcome it?
The next 12 months as I don’t really see things changing much with regards to rates and LTV’s in the short term. I think both advisers and lenders will need to be patient as the same levels of business written last year won’t be the same this year.
What is the greatest opportunity facing the industry and how do we embrace it?
Hopefully, a lender will re-enter the market with an ‘income’ product very soon. The raft of people who are now facing retirement without the proper pension provision in place to support their income is massive. The majority will not want to move immediately so their only option will be is to either continue to work or release funds from their property.
Tell us about your home life and what you do to relax.
I will be celebrating 20 years with Rachel this year and have two daughters, Bobbie and Drew. For my sins, I’m a season ticket holder following Reading FC. I am also a keen golfer and can often be found on the course, but not as often as I’d like.
Is there anything else you want to tell us?
Remember to enjoy life as you only get one opportunity to live it. I’ve recently been given the all clear from bowel cancer so you never know what’s around the corner.
The winners of the Equity Release Awards were announced recently at a ceremony at Hilton Bankside. They were: Best financial adviser, five or fewer advisers category, Lifetime Equity Release; Best financial adviser, six to 19 advisers category, Viva Retirement Solutions; Best financial adviser, 20 or more advisers, Equity Release Supermarket; Best individual adviser, Mike Hardy of the Equity Release Experts; Best mortgage club, Air; Best distributor for adviser support, training and development, Air; Best conveyancer, Adlington Law; Best surveyor, Countrywide Surveying Services; Best business development manager, Jade Barry of Equilaw; Best provider for adviser support, training and development, Just; Best provider for service, Pure Retirement; Best provider for products, Aviva; Best underwriter, Chirag Upadhyay of Just; Best overall provider for lifetime mortgages, Aviva; Outstanding contribution, Stuart Wilson of Air.
- The views of contributors are not necessarily those of the Council
