The Money Group is to open a new unit within its mortgage advice network, focusing solely on later life lending.
Later Life Money — the latest brand to be launched by the national network — will provide advice on equity release, retirement-only mortgages, long-term care, will writing and estate planning.
The business has been in the pipeline for the past nine months and will be headed up by Steve Patterson.
Mr Patterson was previously director of Teesside Money but will step down to focus on the new business.
Scott Thorpe, co-founder of The Money Group, said: “We have been diligently planning the launch of the brand since January 2019 as we could see which way the industry was heading.
“We thought long and hard about delaying the launch given the current on-going situation but we all agreed that the only wrong decision is indecision.”
Due to the complex nature of equity release and the vulnerability of some later life consumers, Later Life Money will only take on advisers with at least two years experience.
Steve Patterson, director of Later Life Money, said: “Without a doubt this will be the biggest growing market over the next 10 years and we want to be at the forefront of that growth.
“We also want to help drive the standards up and build the best Later Life proposition for the industry, the consumer and for our advisers.”
Mr Patterson said the current coronavirus crisis was “obviously of great concern” but that The Money Group was forward-looking and would “start with the end in mind”.
Last year The Money Group told FTAdviser it was looking to double the number of advisers within its brand, move into the pensions and investments space and open a training academy throughout 2020.
The network is comprised of London Money, Manchester Money, South Yorkshire Money, Teesside Money, Durham Money, Access4Finance, West Yorkshire Money, Adverse Money, London Money Loans, Specialist Money, Reading Money, and London Money Protect.
imogen.tew@ft.com
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