Key Partnerships reveals growth of referral service

Key Partnerships reveals growth of referral service

Key Partnerships has registered more than 5,500 advisers, a 41 per cent increase on this time last year, for its equity release service.

The firm said this had happened as growth in the market highlights the need for all firms to have solutions in place for clients wanting advice on how to access their property wealth.

Key Partnerships, which is part of over-55s financial solutions provider Key Retirement, believes the growth in registrations to 5,500 advisers demonstrates advisers increasingly see demand for retirement lending solutions from a wide range of different client profiles.

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On the completion of the equity release plan, advisers using the referral service earn on average £1,300.

Key Partnerships said the growth comes as the Financial Conduct Authority cautioned advisers from ‘dabbling’ in this market, recognising the need for specialism.

Equity Release Council figures for the first quarter showed an all-time high of £325m following nearly £1.4bn in 2014 and 2,000 adviser firms completed sales last year.

This number is forecast to grow further this year as new lenders and new products help to fuel customer demand, and Key Partnerships believes advisers need support in order to ensure they can maximise opportunities for clients.

Will Hale, director at Key Partnerships, said: “The growth in equity release sales in the past three months is fantastic news and we anticipate 2015 being another record year. This is good news for advisers and their clients looking to secure a more comfortable retirement.

“For those that want to advise in this market, there is excellent support available from lenders and the Equity Release Council to achieve the necessary qualifications and maintaining competency.

“Other advisers may decide that referring to a trusted specialist partner may be a more commercially viable way of ensuring their clients receive the best outcomes.”