How We Manage Your Equity Release Referrals

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As the account manager at Equity Release Partners I wanted to give you a behind the scenes look on what happens when you refer one of your customers to us. There will be regular posts from members of the Equity Release Partners team.

Once we receive your equity release referral your customer’s details are recorded, with you as the introducer onto our relationship management system and then passed onto one of our local equity release advisers who will then contact your customer straight away.

How you can case track you equity release referrals

You will be able to view your equity release referral under the ‘Your Cases’ on the Equity Release Partners website, but I will also let you know at this stage which adviser is dealing with your customer’s enquiry. Therefore, if you wanted to speak with the adviser personally as well I would arrange for them to give you a call.

Equity Release Supermarket advisers are some the most experienced in the market place and hand picked based on locality, professionalism & quality of their equity release advice. We are therefore able to provide bespoke advice across the whole retirement lending sector, so once they have spoken with your customer they will quickly be able to offer a tailored equity release solution.

If we are able to help and the customer wishes to meet with our adviser they will book an appointment at their home address, or if your customer prefers this can also be carried out over the telephone. Again, we welcome you also to be present at the meeting to observe for yourself how the meeting progresses.

You can check our website for updates at any stage of the equity release referral process but I will also let you know the outcome of the initial call and what steps are planned next.

Reasons why equity release referrals may not proceed

Not every equity release referral will lead to a lifetime mortgage or home reversion application and there are many reasons why they don’t go ahead but these are a few examples.
  1. The customers can not release enough to clear their outstanding mortgage. The amount they can release is based on their age of the youngest customer and the value of their property. (Please visit our online equity release calculator to find out more)
  2. They only wanted information at this stage – we are only too happy to do this as customers often come back at a later date. (We have a free equity release guide to help)
  3. Family are against them taking equity from their home. We welcome family to attend any appointments with our advisers so hope by doing so more of your customers are likely to proceed. Inheritance is always an important aspect of our advice.

How the equity release advisory process works

After conducting the initial appointment the Equity Release Supermarket adviser will always research the whole of the market to find the best possible deal for your customer and will attend a further appointment with them to go through their recommendations.

Following, any recommendation made, if your customer decides to proceed then the lifetime mortgage application paperwork is forwarded to our dedicated administration team at Head Office, who will then progress the application to completion.

Our compliance team also checks all of the application’s documentation, so you can be sure that your customer has received the best advice. By introducing your clients to Equity Release Partners takes away the compliance burden which we take sole responsibility for.

I will continue to track the application’s progress liaising with both our adviser and administration team to ensure that the application proceeds as quickly as possible and will keep you updated.

Importantly, & as part of our transparent approach to our referral partners, you will also receive automatic email updates at key stages of the application process. This helps you to understand where your equity release referral cases are upto & links to case track the progress of the application on-line.

Completion usually occurs around 6-8 weeks after an application is received and I will give you a call & email confirmation to let you know once completion has occurred.

The important aspect following completion is that you will receive your commission immediately following procuration fee payment from the equity release lender. Average commissions paid are £1200 and we want to work with you to see how we can increase this revenue stream. You can view the amount of commission paid due to you on-line under my cases or if you are unsure just give me a call.

Marketing tools to help grow your equity release referrals

At Equity Release Partners we offer a number of marketing solutions such as free guides, email templates, posters for your workplace which all help you to identify which of your existing customers may benefit from releasing equity from their home.

Did you know for example that a vast majority of customers who have taken their tax free cash three years ago or more could now be surviving on just pension income? Let us show you how we could help supplement their income and improve their standard of living. Furthermore, 2016 is the year when maturing interest-only mortgages reaches their peak. Again at Equity Release Partners we are able to offer a number of interest only lifetime mortgage solutions, or voluntary repayment plans to help repay your customer’s existing mortgage.

If you have any questions or want to find out more about how we can work successfully together please contact Jane Dickinson, Account Manager, Equity Release Partners on 0203 291 3007 or email Tags: , , , , , , , , , , , , , ,
Categorised in: Equity Release
This post was written by Mark Gregory