Equity release referral cases double the average size
Equity release referrals saw growth of more than 71% in 2016 with referral customers releasing an average £100,598 – almost double the £55,260 on average released by customers going direct to advisers, according to Key Partnerships.
The company says it is increasingly focussing on customers referred by introducers and has allocated a number of dedicated Key Retirement advisers to this channel.
Key believes the higher than average case sizes stem from its success in developing new introducer relationships with partners serving mass affluent and high-net worth customers.
Will Hale, director at Key Partnerships, said: "2016 was a breakthrough year for the industry as it broke through the £2 billion mark providing a strong platform for further expansion in 2017.
“There are more opportunities for innovation in equity release market than ever before with the ongoing impact of interest-only mortgages coming to maturity and pension freedoms starting to have a major impact.”
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