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An attractive proposition
When the clock struck on the start of a new decade in January 2020 , few could have predicted the extraordinary and unsettling territory in which we would find ourselves . 2020 will no doubt be remembered as the year the terms ‘ unprecedented times ’ and ‘ furlough ’ became part of our everyday language and online quizzes became our social lives .
For financial services it was the year advice norms were thrown into disarray as face-to-face client meetings were forbidden , the normal lending process ground to a halt , and the legal process of conveyancing was disrupted .
There ’ s certainly no denying the impact that the global pandemic has had on each and every one of us . But despite the collective uncertainty and fear ; forced change and ‘ new norms ’; lockdowns and closures , there have been many eureka moments too , as we scrabbled to feel normal in a world that is anything but .
Adapting for survival
Jason Ruse
Business Development Director More 2 Life
Across every industry businesses were forced to pause , evaluate and adapt … often overnight , and the later life lending market was no exception . What we witnessed was a remarkable transformation , as the industry rapidly found innovative ways to carry on with business .
Although these changes to ways of working were forced , they were also necessary . Customer expectations aren ’ t dwindling in light of the pandemic ; if anything , they ’ re being heightened . It ’ s clear that their experience is one of the most critical factors – if not the most critical factor – that will define businesses ’ success immediately , throughout 2021 and beyond .
As an industry we rose to this challenge , transforming the market for the better with the digitalisation of processes and significant system changes . The move away from face-to-face meetings and wet signatures has significantly sped up processing times , vastly improving the customer journey and reducing admin work .
Growth amid uncertainty
As the dawn breaks on a new year , it ’ s become apparent that the uncertainty will stay with us well into 2021 . Rapidly depleting pension pots , increased debt levels and the spiralling cost of living – exacerbated by the effects of the pandemic – means many people will retire facing greater levels of financial pressure .
Plus , if you take into account the fact that people are living longer and spending more time in retirement , it becomes clear that the later life lending market needs to be ready to meet these increasing demands .
Housing wealth-based products like equity release have become much more popular in recent years , as lenders have created products firmly focussed on the customer . They are now fully equipped with a range of safeguards and flexible features , designed to match homeowners needs now and in the future . And with the costs now comparable with mainstream mortgages they can be a practical and sustainable option .
Be a part of it
As an industry , it is our duty to work together to inform and provide retirees with solutions that will give them financial freedom in later life .
Whether you ’ re an adviser or introducer we ’ re here to equip you with the knowledge , tools and support you need to succeed .
For introducers who want to refer equity release clients Key Partnerships :
1 . Deliver whole of market advice so your clients get the right solution
2 . Make the whole process easy for you and your clients
3 . Help you grow your business – average referral fee in 2019 was £ 1,536
For advisers with equity release qualifications More 2 Life :
1 . Offer a wide variety of feature-rich plans
2 . Are here to support you from the moment your register
3 . Can take a client from KFI to completion online and in super quick time with fastpath
Growth in a challenging time
Demand for later life lending is increasing , making it the perfect market for advisers and introducers alike to diversify into ; plugging income shortfalls from other revenue streams . 2021 looks set to get off to a flying start , as retirees begin reassessing their finances following long periods of lockdown and uncertainty .
As an industry we ’ ve never been better equipped to deal with this increased demand , building on the lessons learned from 2020 to offer best in market solutions for your clients and a robust income stream for your business .