Wakeswood will act as a referral service for packagers, offering them commission in exchange for them marketing its business to their broker clients.
Brett believes Wakeswood is able to offer packagers a valuable new string to their bow and satisfy their brokers’ needs for something new to offer as well as providing all the advice and therefore taking on any regulatory risk.
Brett says packagers are the perfect distributors for niche products and should be tapping into the equity release market.
He says: “I am a passionate believer in the packager market, having been a packager and involved in setting up Freehold. Packagers are the perfect distributors of niche products and promoting equity release will give them another avenue to add value to their proposition to their introducing brokers. Equity release is a growing market.
“However it has tended to be ignored by packagers in the past, due to their commitment to sub-prime mortgages which provided better returns. But I am finding that in these difficult times, packagers are very interested in the package Wakeswood offers, which helps packagers offer a new facility and provides introducers with a real service for clients, without any compliance issues.”