The equity release market will “comfortably be a £5bn market by 2020” according to Key Retirement technical director Dean Mirfin.
Speaking at Financial Services Expo Midlands in Coventry today, Mirfin told the crowd that advisers have a major opportunity, whether they provide later life advice themselves or refer onto specialist advisers.
He said: “We can’t cope with all that growth which is why there is a major opportunity for advisers.
“No other sector has every demographic pointing towards the sector in such a way.
“I don’t think there are many sectors that are showing a regular 33% quarterly increase in business, and it’s been going up for the last three years.”
Mirfin said there should be around 40,000 interest-only customers coming to their end of their deals in the next few years, with around 50% having a shortfall.
He added: “Demand is very high – there are lots of these customers out there. For example, we generate 12,000 enquiries per month.
“Once you start to dip your toe into this market, you will start to find more enquiries. The wider retirement market sphere is going to get bigger and bigger.”
FSE Midlands is taking place for the first time at the Ricoh Arena in Coventry today.