While the later life market continues to show growth, it’s important we don’t underestimate the important role that advisers can have in the wider process, as having a market that offers a wealth of product solutions is of little value if there isn’t a knowledgeable bank of financial advisers on hand to act as a bridge between lenders and consumers. As if to underline that point, in one widely-reported case some diligent work by a financial adviser resulted in a £133,000 owed pension windfall for his potential customer.
The sector has been able to post 2% year-on-year Q2 customer growth, according to recently-released figures from the Equity Release Council. While the figures represent modest gains compared to the double-digit year-on-year increases seen during Q1 – the busiest start to a year on record according to the Equity Release Council – they nonetheless represent ongoing growth in the face of ongoing political uncertainty which has impacted the wider financial services sector as a whole.
But those levels of ongoing growth are dependent on customers receiving the necessary advice that best suit their needs. In order to continue giving accurate information to their customer base, advisers undoubtedly need the resources, support and materials to both gain a full understanding of the current state of the market and allow them to best reach their customers.
A natural starting point is The Adviser Guide To Equity Release, a one-stop information tool for those entering the market jointly developed between ourselves and the Equity Release Council. But where next afterwards? Many lenders and publications hold roadshow events and webinars, both of which offer an effective way to gain insight into current market trends as well as (in the case of the former) key networking opportunities.
At Pure, we’ve taken the extra step of developing our own Marketing Toolkit to provide cost-effective materials for advisers wanting to reach prospective clients, providing a library of offline and traditional marketing collateral (i.e. brochures, banners, flyers etc.), as well as last year’s Digital element which combines guiding documents with practical assistance solutions in an increasingly digital world, as part of our wider commitment to helping to grow the market through supporting those within it.
We’ve developed some further recent additions including white label presentations for use with both customers and introducers, and quarterly news summaries (augmented by supporting video content) to provide advisers with an overview of the key market and demographic trends which might influence how they operate going forward. We’re not stopping there either, with trial additions of some face-to-face marketing workshops taking place in the next two months, and a newly-launched partnership with My Care Consultant to offer advisers information regarding funding long-term care through its CareBox platform.
Satellite bodies and industries, such as My Care Consultant or the Mature Marketing Association also provide a wealth of information and resources which, while not directly affiliated with later life lending, nonetheless orbit in areas which allow those who interact with them a greater understanding of our core audience and their ways of thinking. MCC’s Care Box platform provides a wealth of care-related information for advisers to discuss with their clients, while multi-industry conferences like the MMA’s provide invaluable insight into the trends among the current breed of retirees.
The wider market has a duty to not only look after those already within it but also to provide the levels of support which will entice those yet to commit to interacting with the sector. At Pure Retirement we’re determined to do just that, and look forward to assisting the later life lending sector in continuing its current upward trajectory.
