Key Partnerships, the referral arm of KRS, now has over 150 firms registered with it and KRS put it down to independent financial advisers referring equity release business to specialist firms rather than transacting it themselves.
Dean Mirfin, business development director at KRS, commented: “Providing customers with advice on equity release can be difficult for an IFA or broker who doesn’t deal in this market regularly. The products are complex, the advice process lengthy and the subject matter generally quite emotive.When you add to this concerns about regulation and FSA mystery shopping, you can see why many advisers are now opting to refer business to specialist services like Key Partnerships.
"By using such a service, the IFA can retain their clients’ loyalty and be sure that their clients are receiving quality advice from a specialist who is able to guide them through the complicated process of taking out a suitable equity release plan.”
Overview of Key Partnership’s Service:
Market research was undertaken prior to its launch in October 2004 and it boasts a number of features tailored specifically to the IFA market:
- Secure online referral facility
- A ‘no cross selling’ guarantee
- Email updates at key stages in the advice process from dedicated customer services specialists
- All advice given is covered by Key’s professional indemnity insurance
- Payment of a fee for all completed cases
The referral and registration process are due to be updated this month and an improved website is due to be launched.
Dean Mirfin commented: “Key Partnerships was designed to provide IFAs/brokers and their clients with the best possible service available.We understand how much advisers value the relationships they have with their clients and have included features such as email updates to allow them to view the progress of an individual case.
"In addition, we know that IFAs can feel uncomfortable about providing their clients details to other organisations so we offer a ‘no cross selling’ guarantee as part of this service.”
