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Tough times for later life brokers but a bright future lies ahead – Saroya

by: Paul Saroya, director at Viva Retirement Solutions
  • 06/10/2023
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Tough times for later life brokers but a bright future lies ahead – Saroya
It's been more than a year since ‘that budget’ and what a year it has been for the later life market.

We have seen many larger firms slim down their numbers, and many small and some medium-sized companies fall by the wayside. 

After 10 years of prosperity in the industry, this time was always going to come, but if you have set up well and kept your overheads to a minimum, then you will be okay. 

My message is to “stick in there” as better times lay ahead for the market as a whole. For some, this will mean taking second jobs and adjusting their spending, but I believe it will be worth it, rather than jumping into another role in another industry where income could be a little more secure at this time.  

Sometimes it is more important to see the bigger picture and if you want to make a difference in the later life market, then you need to dig your heels in. 

If you can get through this period of time, then you can get through almost anything. The best way to start is to go back to basics and do a fantastic job for clients and introducers, so that they recommend you on. 

Good advice is even more important now. At present, often this means saying to clients that they do not need to panic into taking out a later life plan and it may be worth their while to wait. 


Helping yourself 

My question to brokers is – how many brokers are helping themselves? What I mean by this is how many of you either have great working relationships with advisers who can offer mortgages and retirement interest-only (RIO) type plans or can offer these options yourselves? 

Our world is changing, and I feel that you will be left behind if you do not fit into one of the two categories above. So, my advice is to spend any spare time that you have now to work to offer all mortgage solutions or at the very least have a trusted referral route to do so.  

We all hope that, finally, interest rates have begun to settle and so maybe we are at the very bottom of the peaks and troughs that we go through as a market.  

If this is the case, then we will soon be on an upward journey, a slow journey maybe, but upward nevertheless and so let’s take heart from this. 

Do whatever you need to do to remain part of the industry and never compromise on great advice. Whilst it is slower, think outside of the box and remember that people buy people. 

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