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New firm targets mortgage brokers with estate planning service

A new firm is targeting mortgage brokers with a supervised estate planning service that they can use with their clients.

The Asset Protection Strategy offers training on will writing, trust creation and inheritence tax planning, although business will be put through a legal firm, meaning liability does not rest with advisers and it does not affect their professional indemnity cover.

APS says advisers can begin advising clients immediately after taking the firm’s course due to the fact these activities are unregulated by the FSA.

Advisers must complete a distance learning programme to learn the product basics before attending a training workshop to gain continuing professional development accreditation.

London-based mortgage broker and wealth manager Coreco Group are one of the first companies to sign up to the scheme.

Director Andrew Montlake says participating in the scheme allows Coreco to offer a more complete package.

He says: “We took a decision to embrace the change in the market and redevelop our entire business model. We felt that it was necessary to convert our proposition into a more holistic planning package rather than focus purely on mortgages – and asset protection, which we are finding our clients very open to, is at the centre of this.

Asset Protection Strategy director Daniel Bloomfield says the scheme adds another revenue stream for brokers at a time of difficult conditons in the mortgage market.

He says: “The mortgage market is virtually unrecognisable from two years ago. Fewer deals, falling proc fees and smaller case sizes are making it a very difficult environment for brokers.

“As a result, they need to look for new ways to boost revenues. Adding an asset protection service to their business instantly provides them with a new reason to talk to their existing clients and a way to start conversations with new clients. And crucially, the vast majority of clients will be in need of, and therefore highly amenable to, these services.”


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