The Money Group launches equity release business
The Money Group has launched a new equity release business, Later Life Money.
The new brand will focus entirely on the equity release, RIO, long-term care and will and estate planning market.
According to the group, the business has been in the pipeline for over nine months.
Steve Patterson, director of Teesside Money, will stop down from his current role in order to head up the new business.
Scott Thorpe, co-founder of The Money Group, said: “We have being diligently planning the launch of the brand since January 2019 as we could see which way the industry was heading.
“We thought long and hard about delaying the launch given the current on-going situation but we all agreed that the only wrong decision is indecision.
“Due to the complexity and nature of the product and the consumer, we will only be taking on advisors who have at least to two years experience.
“I have noticed many advisers now pivoting during this down turn and rushing to take the ER qualification but a text book is one thing, knowledge and experience is something entirely different.”
Patterson added: “Without doubt this will be the biggest growing market over the next 10 years and we want to be at the forefront of that growth.
“We also want to help drive the standards up and build the best Later Life proposition for the industry, the consumer and for our advisers.
“The current COVID-19 situation is obviously of great concern but we are all forward thinking people at TMG and we start with the end in mind.
“We will still continue to look to expand our offering and will be seeking experienced advisers nationwide to come and join us on this journey.”