The challenge is compounded by the fact that, as a client referral generator, the market is in its infancy. Many people who have released equity still remain coy about the fact.
That said, referral rates are improving from existing clients who are gradually sharing their experiences. But before looking at how we can get referrals, we need to get hold of clients in the first place.
There is one simple way to do this, which is to let everyone know that you offer equity release advice.
Consider those professional partners with whom you already have relationships – solicitors, accountants, estate agents, new-build providers and so on. Do they all know you offer equity release? Get satisfied clients to go public – their testimony can be effective.
Another effective way to spread the good news is to talk to the local press about equity release. Just a couple of weeks ago a broker rang me up to tell me that he had grasped the nettle and done just that. He wasn’t expecting to encounter such a positive response.
Having contacted the local newspaper, the hacks said yes to an equity release article straight away. But they then asked for it in three days so they could print it the next week. The broker was happy with the interest but a bit taken aback by the timescale.
It can be as simple as that. But if you are still unconvinced, a trip to Manchester might change your mind.
Key Retirement Solutions has joined forces again with the Mortgage Business Expo in the city on May 16 and 17 to support the equity release pavilion, alongside the Association of Mortgage Intermediaries.
Two major themes of the seminars conducted will be the process of marketing to the elderly and lead generation.
We will look closely at some of the ideas that underpin equity release as well as other aspects of the market.
In the meantime, more on the Expo can be found at www.mortgagebusinessexpo.co.uk.