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Equity Release Club to launch bonus points scheme for advisers

  • 01/02/2017
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Equity Release Club to launch bonus points scheme for advisers
The Equity Release Club is poised to launch a profit share scheme for advisers in March, offering members reward points for business transacted through the company.

Stuart Wilson, director at Answers in Retirement which owns the club, said the scheme had been launched to coincide with the firm’s 10th anniversary, and would operate in a way similar to the Sainsbury’s Nectar Card loyalty programme.

The scheme will be launched under an initiative called the Unity project, which aims to bring advisers together and increase the dominance of the club’s presence alongside the likes of Age Partnership and Key Retirement, Wilson said.

Advisers will receive points when they conduct business through the Equity Release Club, which can be anything from instructing wills to directing cases through the firm’s AIR Sourcing software.

Once a minimum value of £30 has been collected in points, advisers will be able to either cash the points in, make a contribution to the firm’s chosen charity, swap the points for personal benefits or use them for customer benefits, such as conveyancing vouchers.

Wilson said brokers would not receive preferential treatment by using the scheme but that he hoped it would encourage positive behavioural change.

Wilson also referenced plans to launch a campaign later this year aimed at shaking up the way consumers view and learn about the later life lending market.

“What we’re selling and how we’re selling it is all wrong – everything has gone cart in front of the horse,” he said.

“As an industry, we get far too hung up on fact finding and ensuring the customer jumps through regulatory hoops. You can tick all the boxes you like but if a consumer doesn’t like or trust you then they won’t purchase a product through you.”

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