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IFAs can help secure equity release clients

SIMON CHALK, LATER LIFE PLANNER, LATER LIVING
SIMON CHALK, LATER LIFE PLANNER, LATER LIVING

My last couple of articles have looked at referrals from clients, solicitors, estate agents and mortgage brokers.

Now I’m going to turn my attention to the greatest lead generator of them all financial advisers.

I refer to those financial planners who enjoy a long-term client relationship by providing a fee-based holistic life planning service, as opposed to the commission-driven floggers of pensions and investments.

They have embraced the Retail Distribution Review, attained high level qualifications and moved to fee charging to provide a retained, rather than transactional, service.

Such advisers, particularly chartered or certified financial planners, are ideal for equity release referrals for several reasons.

First, they understand the role you play in helping their client. They understand that like any other asset class such as equities, bonds and cash, property can be used tax efficiently in generating income and capital withdrawal.

Second, they have a properly serviced client bank so will generate repeat referrals over time.

And last, being fee-based, they usually have no interest in sharing your remuneration.

IFAs’ clients will be conditioned to paying fees for a quality service, easing an introduction to your own professional fee-based proposition.

Crucially, IFAs’ clients have trust in their recommendation if they are told you are the equity release expert, they will deal with you alone.

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