Legal and General Mortgage Club has launched later life lending courses for brokers, in collaboration with Retirement Advantage and Pure Retirement.
On 21 and 22 March, they launched a trial course to six brokers, educating them about the opportunities of later life lending. After this was a success it plans to roll them out on a quarterly basis with the next one being in June with 12 to 15 brokers.
Marie Catch, mortgage relationship and development manager, said: “I think later life, including equity release and retirement lending, is just growing exceptionally. We all have the same goal of growing the later life market.
“It’s about brokers understanding the options out there. They don’t have to be specialist but may spot opportunities, taking a holistic approach and signposting customers to specialists. We want to be that support and value for the broker.
“It doesn’t matter which route they take- it’s about the understanding and the awareness. It’s just constantly meeting to get the message out there.”
“53% of newly registered brokers to lenders on our panel haven’t done later life business before. The more advisers there are in that space, the better. The number of referrals from master brokers is a good measurement and so far it’s going in the right direction.”
The courses are aimed at brokers considering getting an equity release qualification or those who have just done so, finding out what the step-by-step process is.
Catch added: “You have to equate to it to two days out of the office. One firm had three people out there and afterwards they said they were buzzing and found it of real value.”
Along with Catch, the course was organised by Les Pick, head of equity release sales at Retirement Advantage and Chris Flowers, head of distribution at Pure Retirement, bringing together their tools and knowledge.
Pick said: “I am delighted that the pilot was so successful. Retirement Advantage are passionate about adviser support and are thrilled to be working alongside L&G Mortgage Club on these workshops.
“As a lender, we recognise that we have a central role to play in educating advisers and ensuring that market growth is coming from professional advisers who want to join the sector in a safe and educated way.
“It was great to see such positive responses from the advisers on the day, as well as such an encouraging level of engagement.”
“The advisers who attended the course recognise the importance of holistic financial planning for their clients, and want to ensure that they are fully informed of all financial options available in order to provide the best possible outcomes for clients and their families, both now and in the future.”
Flowers added: “It was an excellent event and it was great to engage with advisors who are looking to move into later life lending and bringing with them a fresh approach.
“It is important that as an industry we do everything possible to help up-skill advisors wanting to move into this market and the event gave everyone the opportunity to do this in a safe environment.
“Since the pilot was such a success Pure have commitment to support this as a quarterly event throughout 2018 and beyond.”