12 Skyline | Edition 3 | Winter 2021
Changing markets can offer valuable opportunity
To put this significant area into a nutshell for your consideration where you might ask whether you are taking full advantage of the opportunities available to your firm , here are some of the key drivers of growth and the longer-term potential in the market . How much of this applies to your client bank and would you perhaps consider specialising to attract more ?
1 Our aging population : Generally , we are living longer than our predecessors , so we all need our financial resources to last longer .
1 The shifting pension landscape : The stability and generosity of final salary pensions is all but gone , so in retirement we are taking a different approach to income in retirement , including using property wealth .
1 Shifting attitudes : Professional advisers are realising that the poor value products of the past are gone , and cheaper , more flexible later life lending products are now available with a genuine broad range of options . This is fuelling more positive conversations with clients looking for advice .
1 Asset rich , cash poor : Many older homeowners are finding themselves short of liquid funds but have seen tremendous growth in the value of their property . Releasing property wealth to top-up income makes sense for those who might otherwise struggle .
1 Redistributing wealth : High net worth homeowners are concerned about inheritance tax . Later life lending can form part of a tax efficient plan to pass wealth down through the generations .
1 Family needs : Thanks to continued rise in property values , children and grandchildren have a much steeper hill to climb when it comes to property ownership . Equity release is allowing grandparents to help boost the buying power of the younger generation .
So , what ’ s available to assist your engagement with the sector and support your customers ?
It is incredibly important for us to support our Members with ways to grow their businesses and assist more customers with access to finance and solutions to support their requirements , and this is the very ethos of our partnership with Key Group , We see our partnership , that brings together the market leader in equity release distribution and the market leader in compliance and adviser support services , coming together to support sustainable and quality growth in the sector ...
We see great synergies between both businesses , and these will support our shared core objectives which aim to :
1 Grow the later life lending market 1 Raise advice standards 1 Deliver better customer outcomes
For those of you who already offer equity release advice , the launch of Simply Later Life offers unrestricted access to the market ’ s most sophisticated later life lending sourcing platform – AiR Sourcing , which includes unique integration with Knowledge Bank and live rate updates from all lenders , covering not just equity release but RIOs and other later life mortgage products .
With rates and products changing rapidly in this market , the AiR sourcing tool takes care all of this change , helping you to deliver the best outcomes for their clients . If it ’ s in the later life market , it ’ s on AiR .
You can also benefit from discounted access to the AiR Academy . This offers one of the market ’ s leading sources of accredited training support , which is fully accredited by the London Institute of Banking & Finance and users can work through the seven modules at their own pace to achieve Professional status . The Academy training programme was designed with advisers in mind and with improved customer outcomes as its objective .
If you ’ re yet to get started , you can start using this cutting-edge sourcing tool straight away , either by watching our walk through demo on the SimplyBiz Mortgages portal or by registering to sign up for a training course .
If you ’ re not qualified to conduct the business yourself , or simply wish to refer , there are a range of options . If you want to form a close knit longer-term partnership , then please just get in touch with the SimplyBiz Mortgages team and they will assist with finding the appropriate partner for your business and clients . We can also assist with training to help you approach client conversations on later life solutions , position the options available and understand their suitability for clients , or otherwise , on an individual basis .
2022 will see further enhancements to the proposition with a planned training programme , working in conjunction with lender partners , exclusive offerings with some of the smaller building societies in the non-equity release space and a range of the following support material :
1 Video content to help how you position solutions with clients
1 Later Life Mortgage Process Guide 1 Later Life Financial Promotions Guide 1 Professional Connections Guides
1 Client Facing Guides and video content on business growth
1 Case Studies 1 Monthly Newsletter
1 Updated website information on Care and Estate Planning
For further information on Simply Later Life , or any of the issues discussed above , please make sure you visit the Later Life Lending Hub on the SimplyBiz Mortgages site or give the team a call on 01484 439160 .