Later life lender, More 2 Life, has launched a brand manifesto, committing to helping advisers deliver “optimal outcomes” for their clients in later life.
The new manifesto outlines how the company will support advisers with their later life lending cases through technology, product breadth and adviser focused support
To mark the launch of the manifesto and to gain additional insight into the support that the adviser market needs, More 2 Life has sponsored a new AKG research paper, ‘House of the rising sum – exploring equity release opportunities’, Within the report, AKG, the independent financial analyst, predicts continued growth for the equity release market and highlights differing perceptions among advisers about offering equity release to clients.
The report shows that 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 steam from providing equity release advice is a primary benefit.
46% say that equity release allows them to help customers that they would not ordinarily been able to support – arguably playing into the stereotype of equity release being a product of last resort.
When asked how they plan to engage in the equity release sector over the next 12 months, 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. 55% of advisers who currently offer equity release expect this part of their business to grow over the next three years.
Dave Harris (pictured), CEO at More 2 Life, said: “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.”
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 when choosing a lifetime mortgage lender.
Matt Ward, communications director at AKG, said: “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.”
More 2 Life says it will be further developing its online portal – fastpath – and introducing new tools such as the recently launched lending criteria tool.
The lender has also evolved its front and back office support to provide new marketing support and training for advisers, as well as education and market insights to encourage and equip more advisers to step into the later life lending market.
Harris added: “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.”