Member firms will be able to register as introducers with Age Partnership, a later-life and equity release master broker, in order to introduce consenting clients requiring specialist advice in this area.
Once an adviser has become an introducer, they will be able to work with a specialist to provide later life and equity release advice that they may not be experts in.
Age Partnership said the offering includes a no-cross sale guarantee, access to a whole of market panel, exclusive products, as well as introducer commissions that will be paid within seven days of completion.
According to Age Partnership, the average commission received by an introducing adviser in 2017 was £1,429 per referral.
John Coffield (pictured), head of Paradigm Mortgage Services, said: “The need for quality later life and equity release advice has never been greater, as older clients require a range of service – particularly in terms of utilising the value of their properties in order to satisfy pre- and post-retirement demands.”
Indeed, the equity release market has witnessed a recent boom, passing £3bn in lending over 2017.
Adam Carnall, head of partnerships at Age Partnership, commented: “The later life lending market is enjoying rapid growth, and raising awareness of the solutions available through the advisory community is one of the fundamental aims of our partnership proposition.”
Coffield continued: “The expectation has to be that this sector will continue to grow rapidly in the years ahead.
“Not all advisers have the necessary authorisation or experience in the later life market to offer advice, however I suspect all advisers will be seeing a growing number of clients who need it.
“This is why we have formed this referral agreement – to allow Paradigm member firms greater choice when they introduce clients to experts in their field.
“We are sure this will be a popular service for many Paradigm firms, and are looking forward to working with the team at Age Partnership to ensure clients have the best advice possible in this area.”