EXCLUSIVE: AiR Prestige launches – a combined equity release, RIO and resi packaging service
Answers in Retirement Group has launched a para-packaging service called AiR Prestige, covering equity release, retirement interest-only (RIO) and traditional mortgages.
Advisers can submit a factfind via the AIR Sourcing system, whereby the case will be looked at and a report provided, detailing the best solutions for the client. The report will include a KFI, suitability template and part-completed application, while it will detail the research that’s been undertaken.
At this point, whatever the recommendation, the adviser can choose to submit the case via the Equity Release Club or pass it to the AiR Prestige team who will provide full processing through to offer and completion.
AiR Prestige is said to have been designed to ensure advisers significantly reduce their administration burden and the time they spend processing later life cases – but it may also join up areas of the later life market commonly seen as siloed from one another.
Stuart Wilson (pictured), chief executive of Answers In Retirement Group, said: “We are very excited to launch the Prestige initiative as the first significant development following the investment in AIR Group in 2018.
“This service is a nationwide commitment to support our advisers by adding real ongoing value, helping them to develop their customer’s journey.
“AiR Prestige is being launched in harmony with our national training and support programme, and at a time when older consumers are seeking first-charge borrowing options in record numbers.
“Our new business development team will be able to work with all advisers at any level of experience to best match a range of support options to ensure all older clients get the very best options.”
All advice responsibility is retained by the adviser, as is client ownership, and they receive 100% of the procuration fee for the case. The adviser will pay £199 on completion to AiR Prestige or it will be free if they are also members of the Later Life Academy (LLA), which is also in the Answers in Retirement Group.
AiR Prestige will deal with all underwriting processes and administration, keeping the adviser informed and in touch with the case via a new case-tracking function which will be available via AiR Sourcing.
The service has a dedicated team working out of Answers in Retirement’s Gloucester head office.
As part of AiR Prestige advisers will gain access to a range of exclusive lending products plus opportunities to offer insurance, wills, LPAs, and funeral plans to clients to ensure a full and robust client outcome is delivered.
AiR Prestige is also available to mortgage advisers and IFAs who are not currently authorised to advise on equity release or mortgages.
The proposition will be able to ‘match’ them with an experienced adviser from the LLA or the Equity Release Club’s Platinum members.
Chris Agathangelou, commercial director at Family Building Society, said: “As a true specialist in the later life lending market we are very pleased to be involved in the new AiR Prestige venture and supporting Equity Release Club members with alternative options for later life lending.
“Their expertise and our innovative products and flexible underwriting will help fulfil the borrowing needs of a wide range of people in or approaching retirement.”
AIR Group is comprised of: AIR Sourcing, the sourcing system for equity release and retirement lending products; the Equity Release Club, a platform for equity release and later life advisers; and the Later Life Academy (LLA), the commercial and training organisation for later life advisers.