Age Partnership has signed a contract with Tenet to provide equity release advice to its network of advisers and their clients.
The agreement comes after Tenet, whose advisers previously had to find their own specialists to refer clients to, saw an increasing appetite for equity release.
As a result the adviser support group sought a partnership with a large specialist to tackle the increased demand.
TenetLime managing director Gemma Harle said: “We are pleased to welcome Age Partnership on board, giving our members an equity release specialist to refer to as appropriate.
“They will also benefit from preferential contract terms.”
The contract takes the number of network partners that Age Partnership is working with into double figures.
It has attributed this growth to the increasing demand for equity release, coupled with its rates and commission offering.
Adam Carnall, head of partnerships at Age Partnership, said: “The Tenet contract is a significant new partnership for us as.
“During the due diligence process we worked closely with the team at Tenet to ensure that the customer journey between the two companies will be as smooth as it possibly can be.
“Demand for equity release is growing significantly, which is also evident from our other recent partnership with Yorkshire Building Society.
“At Age Partnership we are committed to growing the market for equity release through our continued investment in a national television and press campaign targeted at the consumer audiences, and also a significant investment in raising the profile of equity release to the adviser community.”
Advisers have warned that equity release may not be the best option for some of their clients looking to boost their income in retirement.
Around £2.2bn worth of property wealth was released last year as the equity release market grew by over a third, but research from Bower Retirement showed that advisers recommend around one in 10 clients look for other sources of income.
damian.fantato@ft.com
