Key Group is expanding its later life lending service with a new joined-up advice offering that will enable customers to explore alternatives to borrowing and all relevant lending options via a single adviser.
Advisers across Key Group’s Key Equity Release and its whole of market The Equity Release Experts businesses will now be able to deliver advice and product recommendations encompassing all later life mortgage options without the need for referrals to other teams, reducing friction in the customer journey.
Key said consideration of downsizing and referrals into trusted partners covering areas such as debt support, pensions advice, guidance on care funding options and issues with short leases remain an important part of the proposition.
Training provided for advisers ahead of the launch included enhancements to the fact find approach as well as knowledge refreshers and training on different mortgage types, alongside meetings with lenders and one-to-one training on sourcing systems.
Key has also partnered with mortgage technology provider Mortgage Brain to assist with researching mortgage products not covered by its later life lending platform Air.
Will Hale, CEO of Key Equity Release, said: “For a number of years we have adopted a holistic approach across all our advice channels ensuring that, irrespective of the scope of our advice proposition, customers are made aware of all available options and are referred to specialist teams where appropriate.
“This further evolution to holistic advice within a single advice appointment is in our view now essential in the later life lending market. It improves the customer journey, strengthens our advice, and supports better outcomes.”
Hale said product innovation and the broad range of profiles among over-55 customers looking to access their property wealth, means siloed product advice poses a “major risk” to delivering consistently good customer outcomes.
“Given the focus of the FCA on the safe growth of the later life lending market, this is a major opportunity to further enhance our advice service for customers and our introducer partners by making the journey smoother while empowering our advisers with the knowledge and tools to help more customers themselves rather than referring them.
“The process we have introduced demonstrates that all-encompassing sourcing platforms covering every product option available should not be a prerequisite for firms to evolve to more holistic advice models.
“Customers don’t think in product silos. They simply want the solution that best meets their needs delivered through a journey free of unnecessary friction. Our role is to ensure every suitable option is considered before a recommendation is made but ultimately to support many more customers access their property wealth to achieve their objectives in later life,” he added.
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