Age Partnership has launched an introducer service following increased demand for equity release.
The provider said there had been a 39 per cent increase in equity release demand in the last year as people look to take advantage of current property prices.
Age Partnership said it would promise its business partners will commissions which are clear, fair and not misleading – starting from 1.5 per cent of the total amount of cash their client’s release from their home for an equity release case – paid within seven days.
Head of partnerships Adam Carnall explained a key part of the proposition was to enable advisers access to the product range as an extension of their own service, without compliance risk or fear of cross-sell.
“We’ve looked strategically at how our introducer scheme could deliver something different to the others out there, which has resulted in us putting together a tailored marketing support and benefits package along with strong commercial terms, including a leading revenue share model.”
Late last year, both Key Retirement and Bower Retirement Services announced changes to their introducer services.
Bower hired Clara Curtis in November as national account manager as part of plans to expand referral services, following its appointment as one of four national equity release specialists in the Legal & General Mortgage Club panel.
Adviser view:
Will Hale, business development director for the Key Retirement Group, said: “Awareness of equity release among mortgage brokers and IFAs is growing rapidly, along with the recognition that specialist advice is needed in this sector to ensure consistently good outcomes for customers.
“Our own referral business, Key Partnerships, which has over 7,000 registered introducers and been operating for over 15 years, has seen enquiries from introducers increase by 47 per cent year-on-year – with the average commission for an introducer approaching £1,500 per completed case,” he added.
peter.walker@ft.com
