The value of the average amount released by customers referred through Key Partnerships was almost double the £55,260 average case size completed to direct equity release advisers, the firm said.
Key said new introducer relationships with wealth managers, accountants, solicitors and high-end estate agents which serve high-net-worth customers had helped to boost the size of the average case.
As business grows at Key, the firm said it is driving further investment into recruitment, with its core team providing support to introducers receiving expansion in 2016 with more planned for this year. Key said it is increasingly focusing its attention on introduced business and has allocated dedicated adviser support for this sector.
Will Hale (pictured), director at Key Partnerships, said: “2016 was a breakthrough year for the industry as it broke through the £2bn mark providing a strong platform for further expansion in 2017.
“There are more opportunities for innovation in equity release market than ever before with the ongoing impact of interest-only mortgages coming to maturity and pension freedoms starting to have a major impact.”
