Why Referring to Equity Release Partners Can Benefit Your Business

By Mark Gregory on October 3rd, 2015

Being able to advise clients within FCA permissions is what we all strive to achieve. However, to maximise income there maybe times when certain advise is outside your remit & therefore may need a referral partner to work with. Here, I’d like to explain how Equity Release Partners can help your business benefit from one of the fastest growing financial services products – Equity Release.

Should you be in the financial services sector whether writing mortgage business or not, you may have customers over the age of 55 with a financial need in retirement. This may simply be clients with interest only mortgages, where there mortgage term is expiring & the lender has declined to renew.

Additionally there are instances where maybe conventional lenders are resisting lending due to age & MMR, or your clients are just simply finding living on just their pension income too much of a stretch. Alternatively, customers may want to carry out home improvements, move house, help younger family members to get onto the property ladder or just clear their debts.

However, the traditional reasons for a release of equity may still be necessary. Therefore, using equity release schemes to solve debt consolidation issues, home improvements, holidays, new car or emergency fund to help with income requirements.

There are many different reasons why your customer may want to unlock capital from their home and indeed if they have benefitted by the housing booms of the past, it may just be the option that your customers are looking for. Becoming an equity release referral partner can help you enhance your service offering to your customer, whilst having the assurance that you will retain full client ownership, as well as knowing that you are referring them to a business partner who offers a transparent approach & trust.

Not only that, by referring your customer to Equity Release Partners you know that customer will be put in touch with one of the UK’s most experienced equity release advisers in the market place as well as giving them access to interest rates and special offers that are only available through Equity Release Partners. For you, as well as knowing your customer is receiving the best possible care & independent equity release advice, you are also opening an additional revenue stream from your business worth approximately £1200 per referral!

Why are Equity Release Partners Different to other Referral Partners?

The main difference is that we listen, before we launched Equity Release Partners we surveyed a number of potential introducer partners to see what they had to say.

The main reason was lack of information regarding the client introduction made. Following this we designed a bespoke lead management system which enables all our referral partners to not only refer customers to us online, but also to track case the client’s progress 24/7.

We also recognised a need for complete transparency, so built our system so you are kept updated throughout the whole process. By this we mean that at key stages of the application process, you & the client will receive auto-email alerts advising when a defined stage is attained e.g. valuation received or offer made, & most important of all – completion!

We offer a personal approach with a dedicated partner team always being on hand for any queries that you have and are focused on working together so we can maximise both yours and your customer’s experience.

It doesn’t matter whether you are a sole trader or a larger firm; our lead management system can support you so you never feel out of the loop as well as providing valuable management information on any cases that have been referred.

Equity Release Partners also recognise that every company has different sources of business and we want to help you generate further enquiries and also promote this new service, so have developed a number of marketing tools called ‘Our Brokers Pack’ to support this. See something you like just login or register and we’ll be in touch. So you refer one of your equity release customers; what happens next?

Our Equity Release Referral Process

As soon as we receive the equity release referral whether it arrives via our online system, or over the phone, it generates a new enquiry on our lead management system.

Your referral is then immediately allocated to one of our equity release advisers who then contacts your customer to discuss their needs. You therefore can be assured that an adviser will be in direct contact and as soon as the introduction is made. If you want to know more about the adviser who is dealing with your referral just, you can view their online profile by logging in using your personal login details.

Our advisers have a flexible approach to providing equity release advice and what happens next really depends on your customer. An Equity Release Supermarket adviser may book an appointment to see them, complete an initial factfind or send out example quotations, it really is down to what & how your customer prefers to deal with their enquiry.

Once your customer has agreed to proceed with their lifetime mortgage application or retirement mortgage, our advisers work closely with our dedicated back office team to ensure that it is dealt with as quickly as possible. Due to our streamline administration systems and working practices with lenders, we hope to process most applications between 4-6 weeks. This can help by using solicitors who specialise in equity release & members of ERSA (Equity Release Solicitors Alliance) such as Ashfords Solicitors.

Anytime you want to know how things are progressing its simple. Just login to www.equityrelease.partners and click on ‘my cases’ to view case progress, any notes and details of any commission that you are due to receive.

Now we know that not everyone like to view things on-line so you will also receive automated case progress updates at key stages along with less formal ones from our advisers and the head office partner team.

Now for the important bit, once the equity release application has completed your commission will be paid to your nominated bank account within 5 days of receipt and an email will be sent to you to let you know that payment has been made.

If you would like to discuss how Equity Release Partners Referral Program can work for you, please contact Jane Dickinson, Partnership Account Manager on 0203 291 3007 or email jane@equityrelease.partners