"Our number one goal is to make the later life lending space as accessible as possible for advisers."
more2life has launched a new manifesto to help more advisers produce better retirement outcomes for their clients.
The manifesto outlines how the company will support advisers with their later life lending cases through technology, product breadth and adviser support.
Alongside the launch, more2life has sponsored a new AKG research paper which predicts continued growth for the equity release market and highlights differing perceptions among advisers about offering equity release to clients.
67% of advisers surveyed believe being able to offer a wider range of services to clients is the key advantage of advising on equity release, whilst a further 42% say an additional revenue stream from providing equity release advice is a primary benefit. Almost half (46%) say that equity release allows them to help customers that they would not ordinarily be able to support.
When asked how they plan to engage in the equity release sector over the next 12 months, almost half (47%) said they already offered an equity release advice solution in-house and just under one-fifth already deliver advice solutions via a referral service. More than half (55%) of advisers who currently offer equity release expect this part of their business to grow over the next three years.
One quarter of the advisers surveyed said that online service delivery was a key requirement they looked for when recommending an equity release lender to their clients, whilst 54% of advisers agreed that having a range of solutions and products was a key consideration.
Dave Harris, CEO at more2life, commented: “As the needs of retirees evolve and become even more complex, it is paramount that advisers are ready and able to cater for this growing demographic. However, we appreciate that the later life lending sector may seem like a step into the unknown for many advisers. It is for this reason that we’ve decided to launch our new manifesto which outlines how we plan to enhance our processes to help more advisers produce better retirement outcomes for their clients.
“Our number one goal is to make the later life lending space as accessible as possible for advisers. We therefore hope that our manifesto will empower more advisers to realise the benefits that this market can offer them and their business. By focusing on three key growth areas – technology, product options and adviser support services – we are confident that advisers will be well equipped for their mission to serve a growing number of older homeowners, all the while helping the market to continue to flourish.”
Matt Ward, communications director at AKG, added: “The research reveals positive signs and shows us that advisers see the ability to offer a wider range of services to clients, being able to help clients with issues they could not help with previously and the provision of an additional revenue stream for the adviser business as key primary benefits of offering equity release.
“A steady growth picture is predicted for equity release business, but the twin hurdles of historical perception of equity release and compliance concerns remain a deterrent to engagement for some advisers. All parties need to continue how best to consider and address potential issues around client vulnerability and duress.”