Paul Carter, CEO:
It’s been heartening to see encouraging Q3 figures emerge from the Equity Release Council recently, confirming that the market has once again hit pre-pandemic levels, and that the market in 2021 was likely to surpass £4bn of lending.
But it can only continue to grow if advisers have ready access to all of the necessary information to both best understand their customers, and also to best serve them. With this in mind, and with the pandemic having made it more vital than ever that people are finding the right retirement solution, we’ve invested heavily in ensuring that our valued network of financial advisers have ready access to a wealth of information streams to support them in making informed decisions on behalf of their clients.
This has manifested itself largely in a comprehensive programme of events (both virtual and face-to-face) including our Unplaceables webinar series which seeks to help our adviser network find solutions on difficult cases. Additionally, it’s also culminated in us working closely with the Equity Release Council to develop an updated 2021 version of The Adviser Guide To Equity Release to ensure that financial advisers have appropriate materials available to them from their entry to the market and beyond.
The latest edition of the Adviser Guide builds on and updates the successful 2016 edition to continue being a valuable resource that resonates with the wider market, with additional content on topics such as vulnerable customers, business development resources, fact-finding best practices, and producing suitability reports. As a result, the ensuing document feeds into a shared belief between ourselves and the ER Council that the sector needs to not only be a hotbed of innovation that delivers attractive retirement solutions to consumers, but also a supportive environment to help financial advisers to develop (and ultimately best serve their clients).
We also understand that for many, fully understanding and reaching their target audience can often be a challenge – something which isn’t helped by the underrepresentation of over-50s in mainstream marketing (and the way they’re presented a single, homogenous entity when they are).
As a result, last October we launched a report on Effective Brand Positioning Today for the over 50s Market, interviewing 20 experts in their fields alongside traditional research. Participants included Heads of Brand across multiple sectors, specialists in the later life market including The Centre for Ageing Better, and successful founders of new start-up brands, for their invaluable insight. The report is designed to provide up to date advice in three specific areas: The important things to consider when setting up a new brand from scratch, the most effective ways to develop and evolve a brand whilst still retaining customer loyalty, and examining the additional considerations for brands who are wanting to engage the over 50s market, geared specifically towards supporting advisers in the lifetime mortgage market.
As a market – and certainly from our position as a lender – we have a duty to best serve our potential customer base. Not just in terms of the contact we have with them, or the products that we offer them, but also through supporting advisers so they’re able to best inform them of their options and find a suitable solution to their needs. It’s gratifying to not only be working towards that ourselves, but also to regularly see the wider market do likewise, and we look forward to continue building on this increasingly strong foundation throughout 2022.
