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Equity release news
Brokers tapping into equity release
16 February, 2008
Large brokerages are looking to tap into the equity release market in a bid to increase revenue margins in the wake of faltering market conditions, it has been claimed.
A source close to Mortgage Introducer has said that many larger players were looking to educate their members in this area in a bid to diversify their product knowledge to ensure they were providing a full advisory service.
“Larger networks and brokerages are now starting to realise that there are advantages to be had by getting into the equity release market.
"While many shied away from the sector in 2007, changing market conditions have dictated that intermediaries need to start looking at all areas of financial services in order to ensure business growth, and also to guarantee they are offering true advice,” the source said.
Adrian Lewis, head of marketing at Burns Anderson, confirmed the growing interest in equity release.
He said: “There is certainly a trend towards equity release, with more firms looking at latching onto the potential afforded by the sector.
"This is something that should be embraced by networks and brokerages alike, because losing a client because you cannot provide them with a service is not an option.”
Duncan Young, managing director of Retirement Plus, agreed: “Our recent roadshows have shown a trend in brokers wanting to get a better understanding of equity release. Many don’t have the qualifications, but see this as an area of the market they must get in to.”